While Palladium in the midst of a 15 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $1,428.6, Palladium is up to $1,436 per troy ounce, which makes for a move of 0.52%/$7.4 today.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
This move comes while some more positive signs for the Palladium future are out as United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected at 7.65 million but down from preceding data of 16.28 million according to new data. Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 192,000.
On the flip side, United States GDP published yesterday at 13:30 UTC came out at 2.7, falling short of the 2.9 projections and continuing its decline from the previous 3.2 figure.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that CME Palladium's lower Bollinger Band® is at $1,402.76, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Palladium has no clear-cut direction.
Rallies can also be seen in other Metals, Gold moves up 0.8% to trade around $1,832.5.
Also worthy of note, United States Core PCE Price Index (MoM) (Jan) will be released today at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
The commodity has been trending lower for about a month. Palladium has lost 0.79% over the last a day.