Metals in focus as bullish CME Palladium posts 1.79% gain

After closing the previous trading day at $1,227, Palladium is up to $1,249 per troy ounce, which makes for a move of 1.79%/$22 today.

As the day gets underway, chart analysis suggests Palladium is $9.33 away from testing key resistance at $1,258.33. Peaking above this level could inspire market bulls and open the path to further gains.

A look at other Metals also shows upside as having closed the previous session at $22.9, Silver is up 1.26% today to currently trade at around $23.18. Platinum is up 1.05%. Gold climbs 0.23% to trade around $1,934.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 245,000 from the preceding figure of 239,000.

Elsewhere, United States ADP Nonfarm Employment Change (Jun) is expected tomorrow at 12:15 UTC.

The commodity has been trending lower for about a month. Approximately 8 months ago, Palladium reached a significant high of $2,321.2 but has struggled to hold onto its gains and declined 47.14% since then.