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May 23, 2023
CME Palladium slides down from $1,492.2 to $1,442.5 per troy ounce today, losing $49.7 (3.33%).
CME Palladium is currently trading at $1,442.5 following the release of Fed Chair Powell speech data from the United States.
While price action maintains a negative bias, United States New Home Sales (Apr) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6. Fresh Building Permits data from United States came out at 1.15 million.
Trend-focused traders would be interested to note that Palladium made an initial break below its 50 day Simple Moving Average at $1,488.67, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,460 currently serving as support. If price action breaks below, the next Fib hurdle is $1,411. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1,399, a low enough level to, generally, suggest that Palladium is trading below its fair value. As the trading day comes to an end, chart analysis indicates the Palladium future could begin to recover as it approaches significant support, now $31.5 away from $1,474. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests CME Palladium is likely to remain muted for the immediate future, with no clear-cut direction.
Taking a look at other Metals commodities, negative performances are evident as Platinum retreats 1.85% to trade around $1,057.4. After ending yesterday's session at $23.86, Silver lost 22.6 cents and is trading around $23.64. Copper draws back 0.84% to trade around $3.65.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -920,000, following on from the preceding figure of 5 million. New data is set to be published tomorrow at 14:30 UTC.
Furthermore, United States FOMC Meeting Minutes will be released tomorrow at 18:00 UTC.
CME Palladium reached a significant high of $2,321.2 around 7 months ago but has lost 35.71% since then.
