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May 20, 2023A quick look at yesterday: CME Palladium spiked to $1,510.5 per troy ounce, gaining $60.3.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions came out at 179,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.
Palladium made an initial breakout above its 50 day Simple Moving Average at $1,485.44, a potential indicator of a newly emerging bullish phase. Palladium is currently trading around the $1,514.75 Fibonacci resistance level. On the other hand, note that Palladium is $36.17 away from testing key resistance at $1,546.67. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems CME Palladium might continue pointing upwards in the short term.
Rallies can also be seen in other Metals, Gold is trading around $1,980 after ending yesterday's session at $1,959.8 (up 1.03% today). Silver rises 1.64% yesterday and closed at $23.63. Notably, Platinum rose 1.28% yesterday and closed at $1,058.2.
Palladium has fallen back around 37.52% from the significant high of $2,321.2 set 7 months ago.
