Bullish CME Palladium runs out of steam at $1,442; currently at $1,441.5 per troy ounce

After closing the previous trading day at $1,421.7, CME Palladium is up to $1,441.5 per troy ounce, which makes for a move of 1.39%/$19.8 today.

New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.

This move comes while some more positive signs for the Palladium future are out as United States Initial Jobless Claims beat analyst expectations of 195,000 and the previous reading of 192,000 with new data of 190,000. Data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.

At the same time, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.

Palladium's lower Bollinger Band® is at $1,368.8, indicating that the market is oversold and fertile for new buyers.

Overall, looking at the technical analysis landscape, it seems the Palladium future might continue pointing upwards in the short term.

While the Palladium future is higher so far today, these Metals commodities are underperforming: Copper is down to $4.09, losing 7.1 cents, after closing at $4.16 in the preceding trading session. Silver is down to $20.96, losing 13.5 cents, after closing at $21.09 in the preceding trading session. Platinum is down to $963.7, losing $4.1, after closing at $967.8 in the preceding trading session.

The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

The commodity has been trending lower for about 2 months. The current year has not been the best for CME Palladium as it lost 20.22% from its highest point of $3,149.