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June 10, 2023Yesterday at a glance: the Palladium future dipped as low as $1,293 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($1,348.5) with Palladium closing the day at $1,316 per troy ounce.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions came out at 175,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 8,800, while the previous figure was 8,500.
Technical analysis shows that Palladium could begin to recover as it approaches significant support, now $30.67 away from $1,285.33. Dipping below could be an indication that further losses are ahead. 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 the Palladium future's lower Bollinger Band® is at $1,309.37, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests CME Palladium is likely to remain muted for the immediate future, with no clear-cut direction.
Palladium's value drop coincided with the fact that Copper draws back 0.63% yesterday and closed at $3.79.
The commodity has been trending lower for about 29 days. A day ago, Palladium fell to a low of $1,316 but has since recovered 3.21%.
