While Palladium is in the midst of a 9 day up trend, Now turning against its recent performance, as the current session draws to a close, CME Palladium remains in the $1,577.5 – $1,635 range after dropping 1.49%.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
United States Crude Oil Inventories published today at 14:30 UTC came out at -4.58 million, falling short of the -1 million projections and continuing its decline from the previous 597,000 figure.
While price action maintains a negative bias, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Following today's trading session, chart analysis suggests Palladium could begin to recover as it approaches significant support, now $32.83 away from $1,585.67. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Fibonacci-minded traders witnessed a key Fib level of $1,581.58 holding firm – an indicator of highly concentrated demand around this level. According to momentum evaluation, according to technical analysis of CME Palladium's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Palladium's upper Bollinger Band® is at $1,619.19 which indicates a further downward move may follow.
Overall, while the Palladium future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Gold is down $12.3 from the beginning of the session and now trades around $2,007.4.
Positive performances can be seen by looking at other Metals markets as Platinum is up 0.57%.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 240,000 while previous data was 239,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is expected tomorrow at 14:00 UTC.
The commodity has been trending positively for about a month. A month ago, CME Palladium fell to a low of $1,346.4 but has since recovered 22%.