Friday's upbeat market sentiment sees CME Palladium gain 3.15%

A quick look at Friday: with a daily low of $1,435.5, the Palladium future closed Friday at $1,487 per troy ounce, after ending Thursday at $1,441.6 and gaining $45.4 (3.15%).

Palladium made an initial breakout above its 50 day Simple Moving Average at $1,468.4, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,490.27 currently serving as resistance On the other hand, note that the Palladium future could be slowing down soon as it approaches resistance at $1,516.17. Of course, crossing it might suggest further gains are ahead.

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

This rally in Palladium's price coincides with other Metals as notably, Platinum rose 1.75% Friday and closed at $1,050.3.

While the Palladium future is appreciating, other Metals are comparatively not doing so well — Gold lost 1.5% Friday and closed at $2,055.7. Silver withdraws 1.13% Friday and closed at $26.23.

CME Palladium has fallen back around 37.89% over the past 7 months, from a notable high of $2,321.2.