Bullish phase under threat as Palladium stays range-bound

Stable at $1,464.5 and still trending upwards, Today's session might suggest a slow down — the Palladium future trades at $1,464.5 per troy ounce, after ending Thursday at $1,462.4.

Palladium's upper Bollinger Band® is at $1,510.3, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests the Palladium future is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Metals as Gold is down $6.2 from the beginning of the session and now trades around $2,020.2.

Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.

The commodity has been trending positively for about a month. CME Palladium has shed 32.2% over the past six months.