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June 24, 2023While CME Palladium was in the midst of a 7 day downtrend— in which it lost a total of 9.61%— A possible reversal detected from yesterday; the Palladium future closed at $1,279 per troy ounce yesterday after ranging between $1,268 and $1,292.5.
At the same time, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.
Trend-following investors would be interested to note 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. Asset volatility analysis shows that Palladium's lower Bollinger Band® is at $1,268, indicating that the market is oversold and fertile for new buyers. Support/Resistance levels obtained from chart analysis indicate that CME Palladium is $13 away from testing key resistance at $1,292. Peaking above this level could inspire market bulls and open the path to further gains.
With market volatility ebbing, the current technical outlook indicates the Palladium future will remain range-bound for the immediate future.
This rally in Palladium's price coincides with other Metals as notably, Gold rose 0.34% yesterday and closed at $1,923.7.
While Palladium is appreciating, other Metals are comparatively not doing so well — Copper falls 2.13% yesterday and closed at $3.89.
The commodity has been trending lower for about a month. CME Palladium is now trading 45.17% below the significant high of $2,321.2 it set around 8 months ago.
