Tentatively higher from an earlier low of $1,880.5, Palladium is up to $1,982.5 per troy ounce today, adding $98.5, or 5.22%, to yesterday's closing price of $1,884.
CME Palladium is currently trading at $1,982.5 following the release of Consumer Price Index data from the United States.
At the same time, United States Consumer Price Index released today at 13:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Core Consumer Prices came out at 0.2%, while a consensus of analysts was expecting 0.3%. United States Consumer Price Index released today at 13:30 UTC with a figure of 7.1%, while the previous figure was 7.7%.
Palladium made an initial breakout above its 50 day Simple Moving Average at $1,940.19, a potential indicator of a newly emerging bullish phase. Palladium formed a session range of $1,880.5 to $2,003 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $1,900.28. Despite this, the Palladium future's upper Bollinger Band® is at $1,982.7, this is a slight indication of a slowdown.
With all probabilities considered, today's gains in CME Palladium have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
A look at other Metals also shows upside as Gold gained 2.13% and is now trading at $1,830.4. Platinum is up 4.17%. Having closed the previous session at $23.4, Silver is up 3.17% today to currently trade at around $24.14.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected tomorrow at 19:00 UTC. United States FOMC Economic Projections will be released tomorrow at 19:00 UTC.
Palladium reached a significant high of $3,149 around 9 months ago but has lost 40.17% since then.