Muted session leaves CME Palladium anchored around $1,465 per troy ounce

Thursday at a glance: CME Palladium closed a flat day of trading at $1,465 per troy ounce Thursday after ending Wednesday at $1,462.4.

This uncertain state for CME Palladium is reflected by published market data as highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.5. Highly important Non Farm Payrolls data from United States beat analyst expectations of 239,000 with a reading of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

Trend analysis indicates that Palladium made an initial breakout above its 21 day Simple Moving Average at $1,424.31, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Palladium's upper Bollinger Band® is at $1,507.49, suggesting that a downward move may follow. Chart analysis suggests CME Palladium is climbing away and is now $79.67 from the $1,385.33 support line.

Overall, the technical outlook suggests Palladium is likely to remain muted for the immediate future, with no clear-cut direction.

The commodity has been trending positively for about 28 days. The Palladium future traded as high as $2,449 before shedding 33.06% lower over the past six months.