After ending yesterday at $1,227.4, today Palladium went up to $1,255.5 before paring back gains and settling around $1,221 per troy ounce.
- United States Core PCE Price Index (MoM) (May) is next today at 12:30 UTC.
- Today's losses are adding to a 12 day bearish run, during which Palladium lost $187.6 of its value.
Earlier data releases related to CME Palladium – highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%. Data for United States GDP released yesterday at 12:30 UTC is better than expected with two, but worse than previous figure of 2.6.
Here is the technical analysis of Palladium before macro data is released:
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates the Palladium future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1,211.35, a low enough level to, generally, suggest that CME Palladium is trading below its fair value. A study of CME Palladium's historical price actions shows the Palladium future could begin to recover as it approaches significant support, now $14.5 away from $1,206.5. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests the Palladium future has no clear-cut direction.
Coming up for CME Palladium — United States Core PCE Price Index (MoM) (May) is expected today at 12:30 UTC. United States Core PCE Price Index (YoY) (May) will be released today at 12:30 UTC.
As the markets get ready for more data to be released — after ending yesterday's session at $906.8, Platinum lost $11.1 and is trading around $895.7. Silver slips 0.82% to trade around $22.61. After ending yesterday's session at $1,918, Gold lost $4.8 and is trading around $1,913.2.
The commodity has been trending lower for about a month. Over the past 8 months, CME Palladium has retreated 47.12% from a noteworthy peak of $2,321.2.