While in the midst of a 5 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 the Palladium future at $1,880.5 per troy ounce after ranging between $1,867.5 and $1,909 today.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.69 million.
Palladium upside coincides with further encouraging market factors as United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.9% with new data of 0.5%.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -3.69 million.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Palladium made an initial breakout above its 3 day Simple Moving Average at $1,879, a potential indicator of a newly emerging bullish phase.
Examining the technical analysis landscape, Palladium might continue its downtrend in the short term.
Rallies can also be seen in other Metals, having closed the previous session at $21.05, Silver is up 1.36% today to currently trade at around $21.34. Gold gained 0.25% and is now trading at $1,744.3.
Furthermore, the market is looking at United States FOMC Meeting Minutes is scheduled for today at 19:00 UTC.
Approximately 8 months ago, CME Palladium reached a significant high of $3,149 but has struggled to hold onto its gains and declined 41% since then.