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February 22, 2023
Palladium drops from $1,520.7 to $1,514 per troy ounce, losing $6.7 (0.44%) today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Amid the market gloom, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Trend-following investors would be interested to note that Palladium made an initial break below its 10 day Simple Moving Average at $1,513.31, a possible indication of a forthcoming negative trend. The Palladium future's notable support and resistance levels: Palladium could begin to recover as it approaches significant support, now $17.83 away from $1,496.17. Dipping below could be an indication that further losses are ahead.
Overall, while Palladium has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Copper draws back 0.8% to trade around $4.19.
Positive performances can be seen by looking at other Metals markets as Platinum is up 1.18% to $959.8. Gold gained 0.41% and is now trading at $1,850.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. CME Palladium is now trading 3.73% above the significant low ($1,466) it slumped to 7 days ago.
