Bullish CME Palladium runs out of steam at $1,438; currently at $1,431 per troy ounce

CME Palladium trades at $1,431 per troy ounce after gaining $23.4 (1.66%).

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Palladium made an initial breakout above its 21 day Simple Moving Average at $1,428.79, a potential indicator of a newly emerging bullish phase. In contrast, Palladium is $21 away from testing key resistance at $1,452. Peaking above this level could inspire market bulls and open the path to further gains.

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

This rally in the Palladium future's price coincides with other Metals as Copper ascends 1.28% to trade around $4.03. Gold added 0.5% to its value, now trading at $2,013.8. Platinum ascends 0.74% to trade around $1,010.3.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.

The commodity has been trending positively for about a month. CME Palladium traded as high as $2,449 before shedding 34.67% lower over the past six months.