Bullish Palladium runs out of steam at $1,468; currently at $1,465 per troy ounce

Today at a glance: after ending yesterday at $1,425.3, the Palladium future went up to $1,468 only to drop back, yet still traded well overall and closed at $1,465 per troy ounce today.

On the flip side, United States Initial Jobless Claims fell short of the 200,000 projections, with new data of 228,000. United States Crude Oil Inventories improved upon its previous reading of -7.49 million with a new data release of -3.74 million.

At the same time, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1.

Palladium chart analysis: Palladium could be slowing down soon as it approaches resistance at $1,460.83. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that CME Palladium made an initial breakout above its 21 day Simple Moving Average at $1,424.31, a potential indicator of a newly emerging bullish phase. Palladium formed a session range of $1,408 to $1,468 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $1,466. Asset volatility analysis shows that the Palladium future's upper Bollinger Band® is at $1,504.31, this is a slight indication of a slowdown.

With market volatility ebbing, the current technical outlook indicates Palladium will remain range-bound for the immediate future.

This rally in Palladium's price coincides with other Metals as notably, Platinum rose 0.95% today and closed at $1,007.4. Copper ascends 0.61% today and closed at $4.

Though Palladium is going up, other Metals are underperforming — Gold lost 0.58% today and closed at $2,035.6.

Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 239,000, following on from the preceding figure of 311,000. New data is set to be published tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Unemployment Rate is expected tomorrow at 12:30 UTC.

CME Palladium traded as high as $2,449 before shedding 36.62% lower over the past six months.