CME Palladium breaks a 6 day downtrend, climbs to $1,426.5

While in the midst of a 6 day downtrend, losing a total of 5.9% ($97.8), A possible change of direction spotted from Friday; the Palladium future ended Thursday at $1,418.2. Friday it went up to $1,451 only to drop back, yet still managed to close at $1,426.5 per troy ounce.

Palladium made an initial breakout above its 3 day Simple Moving Average at $1,428.17, a potential indicator of a newly emerging bullish phase. CME Palladium's lower Bollinger Band® is at $1,391, indicating that the market is oversold and fertile for new buyers. In contrast, although the Palladium future is appreciating today after rising as high as $1,451, price action is now slowing and consolidating around $17.83 below the $1,444.33 resistance level.

Palladium continues to move higher with technical analysis indicating the trend will continue in the short term.

This rally in CME Palladium's price coincides with other Metals as Copper added 2.33% and closed around $3.59 Friday. Silver is trading around $23.45 after ending Friday's session at $22.91 (up 2.34% today).

Having set a significant high of $2,321.2 7 months ago, the Palladium future is trading 38.9% lower.