While in the midst of a 9 day downtrend Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Small gain for CME Palladium at $1,847.5 per troy ounce after ranging between $1,812.5 and $1,872 today.
Meanwhile, United States CFTC Crude Oil speculative net positions released today at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300. United States CFTC Gold speculative net positions released today at 19:30 UTC with a figure of 116,100, while the previous figure was 126,300. United States CFTC Nasdaq 100 speculative net positions released today at 19:30 UTC with a figure of 3,000, while the previous figure was -5,300.
Palladium made an initial breakout above its 5 day Simple Moving Average at $1,859.24, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. On the other hand, note that CME Palladium reversed direction at $1,872.17 resistance zone and retreated back $24.67 below it.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts CME Palladium to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Palladium future is expected to pick up significant bullish sentiment in the coming days.
While the Palladium future is higher so far today, these Metals commodities are underperforming: Silver is trading around $20.85 (down 58 cents). After ending Friday's session at $1,754, Gold lost $14 and is trading around $1,740.
Furthermore, the market is looking at projections for United States Consumer Confidence are set for a continuation of decline with 100 while previous data was 102.5; data will be released tomorrow at 15:00 UTC.
The Palladium future is now trading 41.86% below the significant high of $3,149 it set around 8 months ago.