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May 16, 2023
Having lost $77.2 over 5 days, Today is looking a bit better: CME Palladium trades at $1,528.5 per troy ounce, after ending yesterday at $1,530.3.
United States Core Retail Sales is next.
Uncertainty around Palladium is reflected by published market data as United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Palladium's upper Bollinger Band® is at $1,599.54, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CME Palladium is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Copper retreats 0.61% to trade around $3.73. After ending yesterday's session at $24.29, Silver lost 10.1 cents and is trading around $24.19.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at -0.4%. The figure will be published today at 12:30 UTC. Projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.
Approximately 7 months ago, the Palladium future reached a significant high of $2,321.2 but has struggled to hold onto its gains and declined 34.07% since then.
