Palladium is on a 6 day uptrend — Now turning against its recent performance, CME Palladium weakened earlier in the day, before moving away from its $1,438.5 low and recovering back to $1,459.5 per troy ounce.
CME Palladium is currently trading at $1,459.5 following the release of ISM Manufacturing PMI (Mar) data from the United States.
Amid the market gloom, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) released today at 14:00 UTC with a figure of 49.2, while the previous figure was 51.3.
Palladium made an initial break below its 5 day Simple Moving Average at $1,447, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Palladium's upper Bollinger Band® is at $1,508 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 the Palladium future is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Metals as Copper is down to $4.05, losing 4.6 cents, after closing at $4.09 in the preceding trading session.
Positive performances can be seen by looking at other Metals markets as Gold gained 1.69% and is now trading at $2,002.2.
Furthermore, United States JOLTs Job Openings (Feb) scheduled to come out tomorrow at 14:00 UTC.
The Palladium future has recovered 9.03% since descending to a significant low of $1,346.4 around 26 days ago.