Losing streak continues, Palladium lost $17.3 to $1,429.5 adding to its five consecutive days of drops

After closing at $1,446.8 yesterday, Palladium opened today at $1,446.5, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Palladium retains a distinct $1,422 to $1,460 daily range.

The Palladium future is currently trading at $1,429.5 following the release of JOLTs Job Openings (Mar) data from the United States.

While price action maintains a negative bias, United States JOLTs Job Openings (Mar) released today at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.

Chart analysis indicates Palladium could begin to recover as it approaches significant support, now $13.83 away from $1,415.67. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $1,389.6, a low enough level to, generally, suggest that Palladium is trading below its fair value.

With market volatility ebbing, the current technical outlook indicates the Palladium future will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other Metals as Copper is down 6.45 cents from the beginning of the session and now trades around $3.87.

Positive performances can be seen by looking at other Metals markets as having closed the previous session at $1,992.2, Gold is up 1.39% today to currently trade at around $2,019.8. Silver added 1.17% to its value, now trading at $25.52.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) scheduled to come out tomorrow at 12:15 UTC.

Having set a significant high of $2,321.2 6 months ago, CME Palladium is trading 37.67% lower.