The sentiment that generated $51.4 in cumulative gains over the past 4 days was further evident for CME Palladium. This session seems to remain in the same lane for now — after closing the previous trading day at $1,642.6, Palladium is up to $1,665.5 per troy ounce, which makes for a move of 1.39%/$22.9 today.
United States Non Farm Payrolls data will be released today at 13:30 UTC, with an expected decline to 185,000.
This move comes while some more positive signs for Palladium are out as United States Initial Jobless Claims came out at 183,000, better than analyst estimates of 200,000 and improving upon the previous reading of 186,000.
Meanwhile, United States Factory Orders released earlier showed a marked improvement to 1.8% from the preceding data of -1.9%, but fell short of the 2.3% figure forecast by a consensus of market analysts. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.1, while the previous figure was two.
Palladium's lower Bollinger Band® is at $1,589, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems Palladium might continue pointing upwards in the short term.
Meanwhile, Silver withdraws 0.76% to trade around $23.43. Gold is down to $1,926, losing $4.8, after closing at $1,930.8 in the preceding trading session.
Furthermore, the market is looking at today at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 185,000 from the preceding figure of 223,000. United States Unemployment Rate projected to decline to 3.6 while previous data was 3.5; data will be released today at 13:30 UTC.
The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Jan) scheduled to come out today at 15:00 UTC.
The commodity has been trending lower for about a month. After hitting an important low of $1,591.2 approximately 7 days ago, Palladium has bounced back 3.23% since.