After closing at $1,359.4 yesterday, the Palladium future began today at $1,342.5 with significant bullish sentiment driving the Palladium future's price action higher. So far today, price action has drawn out a distinct $1,349 to $1,395 range.
United States's Non Farm Payrolls new data released of 311,000 below its previous figure.
CME Palladium upside coincides with further encouraging market factors as data for United States Non Farm Payrolls released today at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.
Nevertheless, Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4. United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 211,000, falling short of the 195,000 projections and continuing its decline from the previous 190,000 figure.
Palladium made an initial breakout above its 3 day Simple Moving Average at $1,380.63, a potential indicator of a newly emerging bullish phase. The Palladium future's lower Bollinger Band® is at $1,346, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Palladium could be slowing down soon; it is getting close to the resistance line and is now at $1,403.67, only $11.67 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the Palladium future might continue pointing upwards in the short term.
A look at other Metals also shows upside as Silver is up 3.35%. Gold is up 1.89%. Having closed the previous session at $954.3, Platinum is up 1.98% today to currently trade at around $973.2.
The commodity has been trending lower for about 2 months. Palladium has recovered 0.97% since descending to a significant low of $1,346.4 around 2 days ago.