Is it the end of the Palladium future's rally? After seven days of gains, it is down by 1.03% today

CME Palladium is down to $1,626 per troy ounce, after ending yesterday at $1,643. Overall, a 1.03% loss or $17 today.

While price action maintains a negative bias, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Following a previous reading of 7.3%, Housing Starts in United States released yesterday at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of -0.8%.

Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Palladium price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Palladium is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that CME Palladium's upper Bollinger Band® is at $1,604.38 which indicates a further downward move may follow.

Overall, while the Palladium future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Taking a look at other Metals commodities, negative performances are evident as after ending yesterday's session at $1,097.3, Platinum lost $5.6 and is trading around $1,091.7. After ending yesterday's session at $4.09, Copper lost 2 cents and is trading around $4.07.

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at -1 million — worse than previous data of 597,000; data will be released today at 14:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.

The commodity has been trending positively for about a month. Having set a significant low of $1,346.4 a month ago, CME Palladium is trading 22% higher.