Having ended Tuesday at $1,850, the Palladium future dropped to $1,774, hitting its lowest point in 10 months. It later recovered $33 and trades at $1,807.
CME Palladium is currently trading at $1,807 following the release of ISM Non-Manufacturing PMI (Oct) data from the United States.
On the flip side, positive data for CME Palladium released earlier when United States Initial Jobless Claims came out at 217,000, better than analyst estimates of 220,000 and improving upon the previous reading of 218,000.
Meanwhile, United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25.
Palladium made an initial break below its 3 day Simple Moving Average at $1,868.17, a possible indication of a forthcoming negative trend. Despite this, Palladium's lower Bollinger Band® is at $1,781.57, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. CME Palladium bounced after reaching the $1,826.83 support zone, climbing $19.83 above it.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Palladium.
In the meantime, negative performances are also seen in other Metals as Platinum dips 2.89% to trade around $923.4. Gold is trading around $1,631.7 (down $18.3). Copper draws back 1.18% to trade around $3.43.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls projected to decline to 200,000 while previous data was 263,000; data will be released tomorrow at 12:30 UTC. United States Unemployment Rate projected to come out at 3.6 — worse than previous data of 3.5; data will be released tomorrow at 12:30 UTC.
The commodity has been trending lower for about 29 days. CME Palladium is now trading 41.25% below the significant high of $3,149 it set around 7 months ago.