Although CME Palladium ended yesterday strong and rose from $1,416.8 to $1,443.5, it dropped back today and is now priced at $1,409.5 per troy ounce.
United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
While price action maintains a negative bias, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.
Despite being in the red so far in the current trading session, Palladium peaked above its 3 day Simple Moving Average around $1,458.83 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,384, a low enough level to, generally, suggest that the Palladium future is trading below its fair value. Palladium could begin to recover as it approaches significant support, now $8.67 away from $1,400.83. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that CME Palladium's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other Metals as Platinum is down to $1,057.2, losing $4.6, after closing at $1,061.8 in the preceding trading session.
Positive performances can be seen by looking at other Metals markets as Gold is up 0.32%. Having closed the previous session at $25.68, Silver is up 0.66% today to currently trade at around $25.85.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to decline to 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published tomorrow at 12:30 UTC.
Having set a significant high of $2,321.2 6 months ago, the Palladium future is trading 38.96% lower.