Palladium rallies $54.7 (3.66%) deep into the session, trading at $1,551 per troy ounce.
Meanwhile, United States NY Empire State Manufacturing Index (Apr) released today at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
Price action overcame a known Fibonacci resistance level at $1,532 by around $19.07 with prices hammering out a $1,483.5 – $1,573.5 session range. Palladium has just crossed its upper Bollinger Band® at $1,549.81, suggesting further gains could be on the cards. CME Palladium broke through the $1,501.83 resistance, climbing $49.17 above it. On the other hand, note that despite posting gains so far today, CME Palladium slid below its 50 day Simple Moving Average at $1,484.73 in earlier trade — an early indicator that a negative trend could be emerging.
According to technical analysis, it looks as if Palladium likely to continue pointing upward in the short term.
While Palladium is higher so far today, these Metals commodities are underperforming: Silver slips 1.49% to trade around $25.08. Copper closed at $4.07 (down 0.86%). Gold closed at $2,008 (down 0.38%).
Also worthy of note, United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.
The commodity has been trending positively for about a month. CME Palladium hit a significant low of $1,346.4 around a month ago, but has since recovered 11.13%.