Palladium goes up to $1,325 after a 7 day downtrend

Palladium has been losing ground for 7 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $1,304.8, Palladium is up to $1,325 per troy ounce, which makes for a move of 1.55%/$20.2 today.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that the Palladium future's lower Bollinger Band® is at $1,303, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests Palladium has no clear-cut direction.

While CME Palladium is higher so far today, these Metals commodities are underperforming: Copper is down to $3.77, losing 1.45 cents, after closing at $3.79 in the preceding trading session. Silver is down to $24.31, losing 10 cents, after closing at $24.41 in the preceding trading session.

Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC.

The commodity has been trending lower for about a month. Palladium has lost 0.62% over the last a day.