While the Palladium future in the midst of a 10 day downtrend Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing at $2,000 yesterday, Palladium began today at $1,999 with significant bullish sentiment driving Palladium's price action higher. So far today, price action has drawn out a distinct $1,997.5 to $2,028.5 range.
At the same time, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Palladium's lower Bollinger band is at $1,939.57, indicating that the market is oversold and fertile for new buyers.
Examining the technical analysis landscape, the Palladium future might continue its downtrend in the short term.
While CME Palladium is higher so far today, these Metals commodities are underperforming: Copper retreats 1.1% to trade around $3.38. Gold is down $6.6 from the beginning of the session and now trades around $1,657.4.
Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC.
Elsewhere, United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
Approximately 7 months ago, the Palladium future reached a significant high of $3,149 but has struggled to hold onto its gains and declined 36.49% since then.