While CME Palladium is on a 3 day uptrend Today's session might suggest a slow down — the Palladium future trades at $1,459 per troy ounce, after ending yesterday at $1,456.
CME Palladium's state is reflected by market data as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Palladium's upper Bollinger Band® is at $1,510.35, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests the Palladium future is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Gold is up 0.3%. Silver is up 0.6%.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published today at 12:30 UTC. United States Core Retail Sales expected to decline to -0.3% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.
The commodity has been trending positively for about a month. Palladium has shed 31.41% over the past six months.