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April 29, 2023While in the midst of a 9 day downtrend, losing a total of 7.14% ($126.1), A possible change of direction spotted from yesterday; Lightly positive the Palladium future closed at $1,503 per troy ounce after ranging between $1,480.5 and $1,529.
At the same time, United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions came out at 236,400. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.
Palladium made an initial breakout above its 21 day Simple Moving Average at $1,510.48, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Palladium is oscillating around the key Fibonacci resistance level of $1,514.75. In contrast, although CME Palladium is appreciating today after rising as high as $1,529, price action is now slowing and consolidating around $20.5 below the $1,523.5 resistance level.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts the Palladium future to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Palladium is expected to pick up significant bullish sentiment in the coming days.
This rally in the Palladium future's price coincides with other Metals as notably, Silver rose 0.5% yesterday and closed at $25.21.
Meanwhile, Platinum lost 0.43% yesterday and closed at $1,093.2.
The Palladium future has fallen back around 35.71% over the past 6 months, from a notable high of $2,321.2.
