While the Palladium future is on a 5 day uptrend Now turning against its recent performance, Palladium is down to $1,537.5 per troy ounce, after ending yesterday at $1,563.4. Overall, a 1.66% loss or $25.9 today.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
Despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator.
Despite suffering losses in today's session, technical analysis is indicating that CME Palladium will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other Metals as Copper closed at $3.89 (down 0.98%). Platinum closed at $1,079 (down 0.8%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.6 million, following on from the preceding figure of -1.28 million. New data is set to be published tomorrow at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
The Palladium future hit a significant low of $1,346.4 around 2 months ago, but has since recovered 16.12%.