While on a 7 day slump, falling a total of 9.82%, Similar trend today: slightly weaker but mostly flat: the Palladium future is currently trading at $1,874.5 per troy ounce as it maintains an active range between $1,862.5 and $1,919.
After reaching the $1,869.5 support zone, Palladium bounced and climbed $5 above it. Despite being in the red so far in the current trading session, the Palladium future peaked above its 5 day Simple Moving Average around $1,915.82 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis shows that CME Palladium (currently on a downtrend) might reverse course and start going up in the short term.
Though CME Palladium has been dropping, other Metals have been performing better: having closed the previous session at $3.62, Copper is up 1.45% today to currently trade at around $3.67. Gold added 0.29% to its value, now trading at $1,750.7.
Approximately 8 months ago, the Palladium future reached a significant high of $3,149 but has struggled to hold onto its gains and declined 40.04% since then.