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May 17, 2023
The Palladium future has been losing ground for 6 days, shedding a total of 7.5% of its value. Similar trend today: the Palladium future slides down from $1,499.6 to $1,487 per troy ounce today, losing $12.6 (0.84%).
New United States Crude Oil Inventories improved upon the previous 2.95 million figure while also exceeding analyst expectations with a reading of 5 million.
Highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%.
In contrast, positive data for Palladium reported earlier when data for United States Crude Oil Inventories published today at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million.
Amid the market gloom, United States Building Permits (Apr) released today at 12:30 UTC with a figure of 1.42 million, while the previous figure was 1.44 million.
Palladium made an initial break below its 50 day Simple Moving Average at $1,484.37, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,490.27 currently serving as support. If price action breaks below, the next Fib hurdle is $1,460. Despite this, CME Palladium could begin to recover as it approaches significant support, now $5.5 away from $1,481.5. Dipping below could be an indication that further losses are ahead.
Looking forward, CME Palladium is poised to extend its strong downtrend and continue declining.
Though CME Palladium has been dropping, other Metals have been performing better: Copper is up 2.45%. Platinum increases 1.75% to trade around $1,085.6.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (May) is scheduled for tomorrow at 12:30 UTC. United States Existing Home Sales (Apr) scheduled to come out tomorrow at 14:00 UTC.
The Palladium future reached a significant high of $2,321.2 around 7 months ago but has lost 35.4% since then.
