During a 12 day uptrend, the Palladium future gained a total of $196.4, or 12.05%. Now turning against its recent performance, Palladium is range-bound between $1,568 and $1,609 today after shedding $26.4 and closing at $1,607.4 Friday.
Palladium made an initial break below its 5 day Simple Moving Average at $1,599.3, a possible indication of a forthcoming negative trend. The Palladium future is currently flirting with an active Fibonacci support level around $1,581.58. CME Palladium's upper Bollinger Band® is at $1,647.44 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Palladium to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Palladium is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Metals as after ending Friday's session at $1,138.7, Platinum lost $19.3 and is trading around $1,119.4.
Positive performances can be seen by looking at other Metals markets as Gold is up 0.21%.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 104, following on from the preceding figure of 104.2. New data is set to be published tomorrow at 14:00 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
The commodity has been trending positively for about a month. CME Palladium has recovered 19.39% since descending to a significant low of $1,346.4 around a month ago.