Palladium is down to $1,402 per troy ounce, after ending yesterday at $1,424.5. Overall, a 1.58% loss or $22.5 today.
Palladium is currently trading at $1,402 following the release of Fed Chair Powell testimony data from the United States.
While price action maintains a negative bias, data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Palladium's lower Bollinger Band® is at $1,378.44, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that Palladium (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other Metals as Platinum is down $37.8 from the beginning of the session and now trades around $945.8. After ending yesterday's session at $21.14, Silver lost 59 cents and is trading around $20.55. Gold is down to $1,830.7, losing $23.9, after closing at $1,854.6 in the preceding trading session.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to -308,000 while previous data was 1.17 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is scheduled for tomorrow at 15:00 UTC.
The commodity has been trending lower for about 2 months. This year has been a gloomy one for Palladium after trading as high as $3,149 and going on to lose 20.21% of its value.