Commodity traders stay bullish as CME Palladium adds $73.7 or 5.35%

After closing the previous trading day at $1,377.3, the Palladium future is up to $1,451 per troy ounce, which makes for a move of 5.35%/$73.7 today.

New United States Core Durable Goods Orders improved upon the previous -0.4% figure while also exceeding analyst expectations with a reading of 0.7%.

This move comes while some more positive signs for CME Palladium are out as United States Core Durable Goods Orders came out at 0.7%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.4%.

At the same time, Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.

Palladium's lower Bollinger Band® is at $1,378.19, indicating that the market is oversold and fertile for new buyers.

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

Rallies can also be seen in other Metals, Platinum jumps 3.73% to trade around $941.8. Having closed the previous session at $3.95, Copper is up 0.92% today to currently trade at around $4.

At the same time, Silver is down to $20.72, losing 21.6 cents, after closing at $20.94 in the preceding trading session.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at today at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.

The commodity has been trending lower for about 2 months. This year has been a gloomy one for the Palladium future after trading as high as $3,149 and going on to lose 21.88% of its value.