Though in the midst of an 8 day uptrend, gaining a total of 8.79%, ($172), Yesterday's session suggests run might be coming to an end — CME Palladium dipped as low as $1,759 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($1,819.5) with CME Palladium closing the day at $1,789 per troy ounce.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 247,600, while the previous figure was 238,200. United States CFTC Gold speculative net positions came out at 136,900. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 1,200, while the previous figure was 4,500.
Palladium made an initial break below its 21 day Simple Moving Average at $1,794, a possible indication of a forthcoming negative trend. Palladium formed a session range of $1,759 to $1,828 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $1,810.47.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Palladium to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Palladium is expected to attract significant bearish sentiment in the coming days.
Positive performances can be seen by looking at other Metals markets as Platinum added 1.97% and closed around $1,065 yesterday. Gold went up by 0.22% yesterday, and closed at $1,830.
The Palladium future is up 10.59% from the significant low of $1,642.5 it hit 12 days ago.