Bullish CME Palladium runs out of steam at $1,581; currently at $1,562.5 per troy ounce

CME Palladium trades at $1,562.5 per troy ounce after gaining $75.7 (5.09%).

Palladium made an initial breakout above its 21 day Simple Moving Average at $1,516.26, a potential indicator of a newly emerging bullish phase. CME Palladium formed a session range of $1,486 to $1,581 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $1,539.23.

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

Rallies can also be seen in other Metals, Platinum improves 1.94% to trade around $1,089. Copper rises 1.04% to trade around $3.92. Gold is up 0.46%.

The market is looking forward to the release of new data: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.

Approximately 7 months ago, Palladium reached a significant high of $2,321.2 but has struggled to hold onto its gains and declined 35.95% since then.