Thursday at a glance: the Palladium future closed a flat day of trading at $1,465 per troy ounce Thursday after ending Wednesday at $1,462.4.
The Palladium future's state is reflected by market data as United States Unemployment Rate improved upon its previous reading of 3.6 with a new data release of 3.5. Non Farm Payrolls in United States fell short of market expectations (239,000) with a reading of 236,000, continuing the decline from the previous figure of 326,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Trend analysis indicates that Palladium made an initial breakout above its 21 day Simple Moving Average at $1,424.31, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that the Palladium future's upper Bollinger Band® is at $1,507.49, suggesting that a downward move may follow. Visual analysis of Palladium's chart shows that the Palladium future is climbing away and is now $79.67 from the $1,385.33 support line.
With market volatility ebbing, the current technical outlook indicates CME Palladium will remain range-bound for the immediate future.
The commodity has been trending positively for about 28 days. The Palladium future traded as high as $2,449 before shedding 33.06% lower over the past six months.