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June 07, 2023
After a mostly steady day, Palladium loses $23.8 late into the session, trading at $1,388 per troy ounce.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
United States Crude Oil Inventories published today at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.
Amid the market gloom, United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
Despite being in the red so far in the current trading session, Palladium peaked above its 10 day Simple Moving Average around $1,412.45 — typically an early indicator of a new bullish trend beginning to emerge. Palladium's lower Bollinger Band® is at $1,353, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Although the Palladium future is pointing down today (was as low as $1,379.5), it's climbing away from the $1,385.17 support line and is now $2.83 above it.
Technical analysis shows that Palladium (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other Metals as Gold falls 1.29% to trade around $1,956. Platinum withdraws 1.29% to trade around $1,030. Silver closed at $23.54 (down 0.57%).
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released tomorrow at 12:30 UTC.
Approximately 8 months ago, Palladium reached a significant high of $2,321.2 but has struggled to hold onto its gains and declined 39.18% since then.
