Bearish Palladium currently $28 lower after trading as high as $1,384

After a mostly steady day, Palladium loses $28 late into the session, trading at $1,351 per troy ounce.

United States Fed Chair Powell testimony is next today at 14:00 UTC.

While price action maintains a negative bias, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%. United States Housing Starts (May) released yesterday at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.

With regards to technical trend indicators, chart analysis show that Palladium made an initial break below its 10 day Simple Moving Average at $1,372.45, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that CME Palladium's lower Bollinger Band® is at $1,315, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of Palladium's chart shows that the Palladium future could begin to recover as it approaches significant support, now $1.33 away from $1,349.67. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates CME Palladium will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other Metals as Platinum closed at $960 (down 1.22%). Copper draws back 0.51% to trade around $3.86. After ending yesterday's session at $23.23, Silver lost 12.4 cents and is trading around $23.11.

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories expected to decline to 1.87 million while its preceding data was 7.92 million, data will be available tomorrow at 15:00 UTC.

In addition, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Existing Home Sales (May) is scheduled for tomorrow at 14:00 UTC.

The commodity has been trending lower for about a month. Palladium hit a significant low of $1,313 around 10 days ago, but has since recovered 5.03%.