A quick look at yesterday: bearish sentiment ensured Palladium finished yesterday's session lower. However, despite the downward bias, CME Palladium etched out a distinct $1,808 to $1,919 session range.
Despite being in the red so far in the current trading session, Palladium peaked above its 5 day Simple Moving Average around $1,915.82 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,743.8, a low enough level to, generally, suggest that Palladium is trading below its fair value. Although Palladium is pointing down today (was as low as $1,808), it's climbing away from the $1,773.67 support line and is now $57.13 above it.
Overall, looking at the technical analysis landscape, it seems Palladium —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
The Palladium future's value drop coincided with the fact that after ending yesterday's session at $996.8, Platinum lost $9 and is trading around $987.8.
Positive performances can be seen by looking at other Metals markets as Gold went up by 0.48% yesterday, and closed at $1,754.
8 months ago the Palladium future reached a significant high of $3,149 but has consequently lost 40.43% since then.