Metals in focus as bullish CME Palladium posts 2.1% gain

Tentatively higher from an earlier low of $1,481, Palladium is up to $1,512 per troy ounce today, adding $31, or 2.1%, to yesterday's closing price of $1,481.

United States's Crude Oil Inventories new data released of -5 million below its previous figure.

CME Palladium upside coincides with further encouraging market factors as United States Core Durable Goods Orders beat analyst expectations of -0.2% and the previous reading of -0.3% with new data of 0.3%.

On the flip side, Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.

At the same time, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.

With regards to technical trend indicators, chart analysis show that Palladium made an initial breakout above its 21 day Simple Moving Average at $1,507, a potential indicator of a newly emerging bullish phase. Palladium is currently trading around the $1,514.75 Fibonacci resistance level. Analysis of the Palladium future's recent price action suggests Palladium could be slowing down soon; it is getting close to the resistance line and is now at $1,529.33, only $17.33 away. Crossing the resistance line could, however, suggest that further gains are ahead.

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

This rally in Palladium's price coincides with other Metals as having closed the previous session at $1,098.2, Platinum is up 1.26% today to currently trade at around $1,112. Silver ascends 1.14% to trade around $25.16. Gold is up 0.31%.

Furthermore, the market is looking at as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published tomorrow at 14:00 UTC. Projections for United States GDP are set for a continuation of decline with two while previous data was 2.6; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.

The Palladium future has fallen back around 36.2% over the past 6 months, from a notable high of $2,321.2.