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April 25, 2023While on a 5 day slump, falling a total of 5.56%, More of the same today: slightly weaker but mostly flat: Palladium is currently trading at $1,528.5 per troy ounce as it maintains an active range between $1,528.5 and $1,540.5.
Support/Resistance levels obtained from chart analysis indicate that Palladium could begin to recover as it approaches significant support, now $32.5 away from $1,496. Dipping below could be an indication that further losses are ahead.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits is expected today at 13:30 UTC.
The commodity has been trending positively for about a month. CME Palladium is up 13.96% from the significant low of $1,346.4 it hit a month ago.
