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April 23, 2023
A quick look at Friday: CME Palladium closed Friday at $1,602 per troy ounce (with a daily low of $1,578) after ending Thursday at $1,588.7 and gaining 0.84%.
Although Palladium is appreciating today after rising as high as $1,631.5, price action is now slowing and consolidating around $30.33 below the $1,632.33 resistance level. Despite posting gains on Friday, CME Palladium slid below its 5 day Simple Moving Average at $1,578.4 during the last session — an early indicator that a negative trend could be emerging. The Palladium future's upper Bollinger Band® is at $1,638.49, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the Palladium future.
A look at other Metals also shows upside as Platinum went up by 3.04% Friday, and closed at $1,141.3.
While CME Palladium is higher so far today, these Metals commodities are underperforming: Gold lost 1.24% Friday and closed at $2,019. After ending Friday's session at $4.03, Copper lost 2.55 cents and is trading around $4.
The commodity has been trending positively for about a month. CME Palladium hit a significant low of $1,346.4 around a month ago, but has since recovered 18%.
