Enduring a bearish run, Palladium closed at $1,426.5 to complete today's session

CME Palladium has been losing ground for 7 days, shedding a total of 5.9% of its value. A slight improvement can be seen from today's session: without a clear direction, Palladium closed at $1,426.5 per troy ounce while ranging between $1,408.5 and $1,436.

Palladium is oscillating around the $1,408.5 level serving as support. CME Palladium made an initial breakout above its 5 day Simple Moving Average at $1,438.8, a potential indicator of a newly emerging bullish phase. Palladium's upper Bollinger Band® is at $1,601 and the lower is $1,383. In contrast, Palladium is currently flirting with an active Fibonacci support level around $1,411.

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

Data to be released today might clear up some of the market fog as as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 99, following on from the preceding figure of 101.3. New data is set to be published tomorrow at 14:00 UTC.

Over the past 7 months, the Palladium future has retreated 38.56% from a noteworthy peak of $2,321.2.