Metals in focus as bullish the Palladium future posts 1.82% gain

After dipping down to $1,409, Palladium regains earlier losses and goes up to $1,430 per troy ounce.

Nevertheless, United States Consumer Confidence published yesterday at 15:00 UTC came out at 102.9, falling short of the 108.5 projections and continuing its decline from the previous 106 figure.

Meanwhile, United States API Weekly Crude Oil Stock came out at 6.20 million, while a consensus of analysts was expecting 440,000. United States Chicago PMI (Feb) released yesterday at 14:45 UTC with a figure of 43.6, while the previous figure was 44.3.

Palladium's lower Bollinger Band® is at $1,360, indicating that the market is oversold and fertile for new buyers. In contrast, Palladium could be slowing down soon as it approaches resistance at $1,440.83. Of course, crossing it might suggest further gains are ahead.

Examining the technical analysis landscape, CME Palladium might continue its downtrend in the short term.

This rally in CME Palladium's price coincides with other Metals as having closed the previous session at $955.5, Platinum is up 0.55% today to currently trade at around $960.8. Copper added 0.53% to its value, now trading at $4.11. Silver rises 0.54% to trade around $21.18.

Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 457,000, following on from the preceding figure of 7.65 million. New data is set to be published today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.

Elsewhere, United States ISM Manufacturing PMI (Feb) is expected today at 15:00 UTC.

The commodity has been trending lower for about 2 months. The current year has not been the best for CME Palladium as it lost 21% from its highest point of $3,149.