Continuing its four day losing streak, CME Palladium further drops by 1.73% to close at $1,406

Friday at a glance: down on the day: CME Palladium closed at $1,406 per troy ounce after ranging between $1,353.5 and $1,450.

Concerning technical analysis and more specifically, trend indicators, 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. Asset volatility analysis shows that Palladium's lower Bollinger Band® is at $1,380.48, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that although CME Palladium is pointing down today (was as low as $1,353.5), it's climbing away from the $1,351.67 support line and is now $54.33 above it.

All in all, the technical analysis suggests CME Palladium has no clear-cut direction.

The Palladium future's value drop coincided with the fact that Platinum is down to $909.4, losing $36.1, after ending the previous session around $945.5. Silver lost 2.65% Friday and closed at $21.44. After ending Friday's session at $4.06, Copper lost 9.6 cents and is trading around $3.96.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released tomorrow at 15:00 UTC.

Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. Palladium hit a significant low of $1,397 around 2 days ago, but has since recovered 2.41%.