CME Palladium is growing its five-day winning streak by closing at $1,504, gaining $8.4.

Friday at a glance: the Palladium future recovered from the previous trading session's losses and went up to $1,504 per troy ounce Friday after it traded lower at $1,473.5.

Palladium is $22.5 away from testing key resistance at $1,526.5. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on Friday, the Palladium future slid below its 50 day Simple Moving Average at $1,487.77 during the last session — an early indicator that a negative trend could be emerging. The Palladium future's upper Bollinger Band® is at $1,535.57, this is a slight indication of a slowdown. Despite this, Fibonacci-focused traders would be interested to note that CME Palladium is oscillating around the key Fibonacci resistance level of $1,517.8.

Technical analysis of CME Palladium price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

At the same time, Gold falls 1.83% Friday and closed at $2,055.3. Silver is down to $25.46, losing 46 cents, after ending the previous session around $25.93. Platinum lost 0.66% Friday and closed at $1,065.5.

The commodity has been trending positively for about a month. Palladium is now trading 11.08% above the significant low ($1,346.4) it slumped to a month ago.