Having ended Tuesday at $1,362, the Palladium future dropped to $1,342, hitting its lowest point in 3 years. It later recovered $14 and trades at $1,356.

United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.

Amid the market gloom, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. On the other hand, note that CME Palladium's lower Bollinger Band® is at $1,349, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. The Palladium future could begin to recover as it approaches significant support, now $25.17 away from $1,330.83. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Palladium.

Positive performances can be seen by looking at other Metals markets as Silver gained 0.57% and is currently trading at $20.12.

Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 190,000. New data is set to be published today at 13:30 UTC.

Furthermore, United States Unemployment Rate is expected tomorrow at 13:30 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 24.11% from its highest point of $3,149.