While the Palladium future in the midst of a 6 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Tentatively higher from an earlier low of $1,481, Palladium is up to $1,512 per troy ounce today, adding $31, or 2.1%, to yesterday's closing price of $1,481.
New United States Core Durable Goods Orders improved upon the previous -0.3% figure while also exceeding analyst expectations with a reading of 0.3%.
CME Palladium upside coincides with further encouraging market factors as data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%.
Nevertheless, following a previous reading of 104, Consumer Confidence in United States released yesterday at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
Meanwhile, United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000.
Technical analysis trend indicators suggest that Palladium made an initial breakout above its 21 day Simple Moving Average at $1,507, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,514.75 currently serving as resistance. If broken, the next Fib hurdle is expected to be $1,539.23. Chart analysis indicates Palladium is $17.33 away from testing key resistance at $1,529.33. Peaking above this level could inspire market bulls and open the path to further gains.
All in all, the technical analysis suggests the Palladium future has no clear-cut direction.
This rally in Palladium's price coincides with other Metals as having closed the previous session at $1,098.2, Platinum is up 1.47% today to currently trade at around $1,114.3. Silver is up 0.74% to $25.07.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million, having previously been at -4.58 million. The figure will be published today at 14:30 UTC.
Also worthy of note, United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released tomorrow at 14:00 UTC. United States GDP projected to come out at two — worse than previous data of 2.6; data will be released tomorrow at 12:30 UTC.
Over the past 6 months, the Palladium future has retreated 36.2% from a noteworthy peak of $2,321.2.