Bearish Palladium currently $60 lower after trading as low as $1,539

The Palladium future slides down from $1,605 to $1,545 per troy ounce today, losing $60 (3.74%).

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. United States Initial Jobless Claims published today at 12:30 UTC came out at 264,000, falling short of the 245,000 projections and continuing its decline from the previous 242,000 figure.

In contrast, positive data for CME Palladium reported earlier when United States Crude Oil Inventories came out at 2.95 million, better than analyst estimates of -917,000 and improving upon the previous reading of -1.28 million.

Palladium made an initial break below its 5 day Simple Moving Average at $1,542.3, a possible indication of a forthcoming negative trend. In contrast, Palladium could begin to recover as it approaches significant support, now $25.67 away from $1,570.67. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems the Palladium future is likely to start pointing downward in the short term.

In the meantime, negative performances are also seen in other Metals as Silver crashes 4.73% to trade around $24.45. Copper is trading around $3.7 (down 14.3 cents). After ending yesterday's session at $1,119, Platinum lost $22.6 and is trading around $1,096.4.

CME Palladium is up 19.21% from the significant low of $1,346.4 it hit 2 months ago.