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June 22, 2023Palladium dropped to $1,276.5, hitting its lowest point in 4 years. It later recovered $4 and is now trading at $1,280.5.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Meanwhile, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
As the trading day comes to an end, chart analysis indicates although Palladium is appreciating today after rising as high as $1,283, price action is now slowing and consolidating around $101.5 below the $1,382 resistance level. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that CME Palladium's lower Bollinger Band® is at $1,282, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Palladium is likely to remain muted for the immediate future, with no clear-cut direction.
Though the Palladium future is going up, other Metals are underperforming — Silver is trading around $22.27 (down 20.2 cents).
Furthermore, the market is looking at United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
The commodity has been trending lower for about a month.
