While Palladium has been trading flat for 3 days, Todays session shows some improvement: after closing the previous trading day at $1,854.3, Palladium is up to $1,871.5 per troy ounce, which makes for a move of 0.93%/$17.2 today.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 230,000.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -3.31 million with a reading of -5.19 million.
Meanwhile, United States Cushing Crude Oil Inventories came out at -373,000, while a consensus of analysts was expecting -841,000. United States Unit Labor Costs (QoQ) (Q3) released yesterday at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Overall, looking at the technical analysis landscape, it seems CME Palladium might continue pointing upwards in the short term.
Rallies can also be seen in other Metals, Platinum is up 0.89%.
Also worthy of note, United States Initial Jobless Claims projected to come out at 230,000 — worse than previous data of 225,000; data will be released today at 13:30 UTC.
Furthermore, the market is looking at United States Producer Price Index figure is projected at 0.2%. It previously stood at 0.2%; data will be released tomorrow at 13:30 UTC.
Palladium is now trading 41.11% below the significant high of $3,149 it set around 9 months ago.