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April 17, 2023
Palladium trades at $1,544 per troy ounce after gaining $47.7 (3.19%).
Meanwhile, United States NY Empire State Manufacturing Index (Apr) released today at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
Despite posting gains so far today, Palladium slid below its 50 day Simple Moving Average at $1,484.73 in earlier trade — an early indicator that a negative trend could be emerging. The Palladium future's upper Bollinger Band® is at $1,548, this is a slight indication of a slowdown. On the other hand, note that Palladium broke through the $1,501.83 resistance, climbing $42.17 above it. Price action overcame a known Fibonacci resistance level at $1,532 by around $12.07 with prices hammering out a $1,483.5 – $1,550 session range.
Technical analysis suggests there could be an imminent reversal for CME Palladium.
At the same time, Gold closed at $2,005.8 (down 0.5%). Copper closed at $4.07 (down 0.84%). Silver closed at $25.29 (down 0.67%).
Also worthy of note, United States Building Permits (Mar) will be released tomorrow at 12:30 UTC.
The commodity has been trending positively for about a month. Palladium hit a significant low of $1,346.4 around a month ago, but has since recovered 11.13%.
