Palladium trades at $1,506 per troy ounce after gaining $13.5 (0.9%).
Palladium made an initial breakout above its 10 day Simple Moving Average at $1,524, a potential indicator of a newly emerging bullish phase. Palladium's lower Bollinger Band® is at $1,443, indicating that the market is oversold and fertile for new buyers. In contrast, Palladium reversed direction at $1,509 resistance zone and retreated back $3 below it.
Overall, looking at the technical analysis landscape, it seems CME Palladium might continue pointing upwards in the short term.
This rally in Palladium's price coincides with other Metals as Copper is up 2.02%. Having closed the previous session at $921.4, Platinum is up 0.73% today to currently trade at around $928.1. Silver is up 0.53% to $21.83.
The market is looking forward to the release of new data: United States Existing Home Sales (Jan) scheduled to come out tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. So far this year, the Palladium future has declined 16.24% while touching highs around $3,149 earlier this year.