After closing the previous trading day at $1,398, the Palladium future is up to $1,411 per troy ounce, which makes for a move of 0.92%/$13 today.

United States GDP data will be released today at 12:30 UTC, with an expected decline to 1.1.

Nevertheless, United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -12.46 million, falling short of the -920,000 projections and continuing its decline from the previous 5 million figure.

Meanwhile, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.749, while the previous figure was 3.5. United States Cushing Crude Oil Inventories came out at 1.76 million, while a consensus of analysts was expecting 804,000.

With regards to technical trend indicators, chart analysis show 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. Analysis based on the asset volatility indicates that the Palladium future's lower Bollinger Band® is at $1,391.76, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests CME Palladium has no clear-cut direction.

At the same time, Gold closed at $1,958 (down 0.34%). Silver closed at $23.16 (down 0.37%).

Moreover, macro data could boost sentiment further as United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released today at 14:00 UTC.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to come out at 0% — worse than previous data of 0.2%; data will be released tomorrow at 12:30 UTC. Projections for United States GDP are set for a continuation of decline with 1.1 while previous data was 2.6; data will be released today at 12:30 UTC.

The Palladium future has fallen back around 39.77% over the past 7 months, from a notable high of $2,321.2.