Yesterday at a glance: Palladium slid into the red after losing $63.1 and ending the session at $2,016.5 per troy ounce.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. Fresh CFTC Nasdaq 100 speculative net positions data from United States came out at 1,500. United States CFTC Crude Oil speculative net positions came out at 251,500.
Trend-focused traders would be interested to note that Palladium made an initial break below its 5 day Simple Moving Average at $2,007.44, a possible indication of a forthcoming negative trend. CME Palladium is currently flirting with an active Fibonacci support level around $1,985.7. Asset volatility analysis shows that CME Palladium's lower Bollinger Band® is at $1,916.35, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis suggests the Palladium future is currently alternating around $1,995.7 with price action moving above and below this key level throughout the session.
Overall, the technical outlook suggests CME Palladium is likely to remain muted for the immediate future, with no clear-cut direction.
Though the Palladium future has been dropping, other Metals have been performing better: Silver is trading around $19.4 after ending yesterday's session at $18.69 (up 3.8% today). Gold added 1.57% and closed around $1,636.8 yesterday. Copper leaps up 2% yesterday and closed at $3.41.
Palladium reached a significant high of $3,149 around 7 months ago but has lost 33.96% since then.