Tentatively higher from an earlier low of $1,357, Palladium is up to $1,389.5 per troy ounce today, adding $48.5, or 3.62%, to yesterday's closing price of $1,341.

New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.

Palladium upside coincides with further encouraging market factors as data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. United States Initial Jobless Claims released today at 12:30 UTC is better than expected at 232,000 but down from preceding data of 230,000 according to new data.

At the same time, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.

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. Analysis based on the asset volatility indicates that the Palladium future's lower Bollinger Band® is at $1,351.22, indicating that the market is oversold and fertile for new buyers. As the trading day comes to an end, chart analysis indicates the Palladium future could be slowing down soon; it is getting close to the resistance line and is now at $1,406.67, only $17.17 away. Crossing the resistance line could, however, suggest that further gains are ahead.

With market volatility ebbing, the current technical outlook indicates Palladium will remain range-bound for the immediate future.

Rallies can also be seen in other Metals, having closed the previous session at $3.64, Copper is up 2% today to currently trade at around $3.71. Silver is up 1.67%. Having closed the previous session at $1,982, Gold is up 0.68% today to currently trade at around $1,995.6.

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. Tomorrow at 12:30 UTC data for United States Average Hourly Earnings will be released, with an expected decline to 0.4% from the preceding figure of 0.5%. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.

CME Palladium reached a significant high of $2,321.2 around 7 months ago but has lost 42.23% since then.