6 days and $221.7 of gains were not enough. Heading in the same direction for now — marginally higher but lacking a clear-cut direction, Palladium is trading at $2,088 per troy ounce after ranging between $2,050.5 and $2,113.5 today.
United States's Crude Oil Inventories new data released of -5.4 million below its previous figure.
Uptick comes while some more positive signs for Palladium are out as highly important Core Retail Sales data from United States beat analyst expectations of 0.4% with a reading of 1.3%. Highly important Retail Sales data from United States beat analyst expectations of 1% with a reading of 1.3%.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -440,000 with a reading of -5.4 million.
Although up today, early price action saw Palladium dropping below its 3 day Simple Moving Average at $2,051 — an early indicator that a new downward trend could be emerging. The Palladium future's upper Bollinger Band® is at $2,106.81, this is a slight indication of a slowdown. On the other hand, note that the Palladium future formed a session range of $2,050.5 to $2,113.5 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $2,114.
Technical analysis of the Palladium future price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
While Palladium is appreciating, other Metals are comparatively not doing so well — Copper is down to $3.76, losing 6.25 cents, after closing at $3.82 in the preceding trading session. Platinum is down to $1,016.7, losing $5.7, after closing at $1,022.4 in the preceding trading session.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (Nov) is scheduled for tomorrow at 13:30 UTC. United States Building Permits (Oct) is expected tomorrow at 13:30 UTC. United States Initial Jobless Claims figure is projected at 225,000. It previously stood at 225,000; data will be released tomorrow at 13:30 UTC.
Palladium is now trading 34% below the significant high of $3,149 it set around 8 months ago.