Without a clear-cut direction, the Palladium future is trading around $1,664 per troy ounce and ranging between $1,645 and $1,677.
- United States Core PCE Price Index (MoM) (Dec) is next.
- CME Palladium hasn't been as low as $1,645 in 5 weeks and a half.
- While mostly sideways today, the Palladium future is on a 7 day bearish trend during which it lost $95.2.
Earlier data releases related to CME Palladium – United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of -0.1%.
Here is the technical analysis of Palladium before macro data is released:
Trend and momentum 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. According to asset volatility analysis, Palladium's upper Bollinger Band® is at $1,823 and the lower is $1,653.76. Visual analysis of Palladium's chart shows that the Palladium future is currently alternating around $1,655.3 with price action moving above and below this key level throughout the session.
With market volatility ebbing, the current technical outlook indicates CME Palladium will remain range-bound for the immediate future.
Coming up for Palladium — United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) scheduled to come out today at 13:30 UTC.
As the markets get ready for more data to be released — Silver is down to $23.82, losing 18 cents, after closing at $24 in the preceding trading session.
This year has been a gloomy one for the Palladium future after trading as high as $3,149 and going on to lose 7.45% of its value.