CME Palladium adds 0.84% within $1,631.5 – $1,578 daily range

A quick look at yesterday: CME Palladium closed yesterday at $1,602 per troy ounce (with a daily low of $1,578) after ending Thursday at $1,588.7 and gaining 0.84%.

At the same time, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.

Despite posting gains on yesterday, 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. CME Palladium's upper Bollinger Band® is at $1,638.49, this is a slight indication of a slowdown. Although the Palladium future 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.

Technical analysis suggests there could be an imminent reversal for Palladium.

This rally in the Palladium future's price coincides with other Metals as Platinum added 3.04% and closed around $1,107.6 yesterday.

Though Palladium is going up, other Metals are underperforming — Gold falls 1.24% yesterday and closed at $2,019. After ending yesterday'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. Palladium hit a significant low of $1,346.4 around a month ago, but has since recovered 18%.