The Palladium future goes up to $1,928 per troy ounce after dipping down to $1,867.5 earlier.
- Palladium is currently trading at $1,928 following the release of EIA Short-Term Energy Outlook data from the United States.
- Today’s gains are adding to CME Palladium’s a 3 day bullish trend, during which it gained a total of $102.
United States 3-Year Note Auction released today at 18:00 UTC with a figure of 4.605, while the previous figure was 4.318.
Despite posting gains so far today, Palladium slid below its 10 day Simple Moving Average at $1,876.74 in earlier trade — an early indicator that a negative trend could be emerging.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Palladium is set for a reversal in the coming days.
United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC.
Gold rallies 2.21% to trade around $1,717.6. Silver leaps up 2.71% to trade around $21.48. Having closed the previous session at $989.4, Platinum is up 2.16% today to currently trade at around $1,010.8.
The commodity has been trending lower for about a month. 8 months ago Palladium reached a significant high of $3,149 but has consequently lost 39.74% since then.