CME Palladium set for strong finish today; up 0.96% to $1,354 per troy ounce

The Palladium future trades at $1,354 per troy ounce after gaining $13 (0.96%).

Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released today at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%. Fresh Core Consumer Prices data from United States came out at 0.4%.

Palladium made an initial breakout above its 10 day Simple Moving Average at $1,377.2, a potential indicator of a newly emerging bullish phase. Palladium's lower Bollinger Band® is at $1,310.49, indicating that the market is oversold and fertile for new buyers. Despite this, although the Palladium future is appreciating today after rising as high as $1,384.5, price action is now slowing and consolidating around $13.67 below the $1,367.67 resistance level.

Overall, looking at the technical analysis landscape, it seems the Palladium future might continue pointing upwards in the short term.

Meanwhile, Platinum closed at $986.6 (down 1.37%). Silver closed at $23.73 (down 0.37%).

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published tomorrow at 14:30 UTC.

Also worthy of note, tomorrow at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.2%.

Furthermore, the market is looking at United States Interest Rate figure is projected at 5.25. It previously stood at 5.25; data will be released tomorrow at 18:00 UTC.

The commodity has been trending lower for about a month. Having set a significant low of $1,313 2 days ago, the Palladium future is trading 2.14% higher.