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June 06, 2023The sentiment that generated $33 in cumulative gains over the past 5 days was further evident for Palladium. Today's session so far looks to be heading in the same direction — after closing the previous trading day at $1,395.5, the Palladium future is up to $1,406.5 per troy ounce, which makes for a move of 0.79%/$11 today.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
At the same time, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. United States Factory Orders published yesterday at 14:00 UTC came out at 0.4%, falling short of the 1.1% projections and continuing its decline from the previous 0.6% figure.
Palladium's lower Bollinger Band® is at $1,354.73, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems CME Palladium might continue pointing upwards in the short term.
While CME Palladium is higher so far today, these Metals commodities are underperforming: Copper is down 4.15 cents from the beginning of the session and now trades around $3.73. After ending yesterday's session at $1,036.4, Platinum lost $6.6 and is trading around $1,029.8.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.
Also worthy of note, United States EIA Short-Term Energy Outlook scheduled to come out today at 16:00 UTC.
The Palladium future has fallen back around 39.88% over the past 8 months, from a notable high of $2,321.2.
