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April 28, 2023While in the midst of an 8 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $1,492.4, CME Palladium is up to $1,497 per troy ounce, which makes for a move of 0.31%/$4.6 today.
This move comes while some more positive signs for the Palladium future are out as data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 230,000, beating projections of 248,000 and showing improvement over the preceding figure of 246,000.
On the flip side, Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6.
Chart analysis indicates Palladium could be slowing down soon as it approaches resistance at $1,525.17. Of course, crossing it might suggest further gains are ahead. Fibonacci-minded traders witnessed a key Fib resistance level of $1,490.27 holding firm – an indicator of highly concentrated supply around this level.
This rally in the Palladium future's price coincides with other Metals as Copper is up 0.57% to $3.91.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Mar) is expected today at 12:30 UTC.
Palladium has fallen back around 35.71% from the significant high of $2,321.2 set 6 months ago.
