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June 29, 2023
While in the midst of an 11 day downtrend, 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 $1,247, CME Palladium is up to $1,256 per troy ounce, which makes for a move of 0.73%/$9 today.
United States Fed Chair Powell speech is next today at 06:30 UTC.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (-1.76 million) with a reading of -9.60 million, continuing the decline from the previous figure of -3.83 million.
At the same time, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.
Trend analysis indicates 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 $1,235.2, indicating that the market is oversold and fertile for new buyers. As the day gets underway, chart analysis suggests the Palladium future could be slowing down soon; it is getting close to the resistance line and is now at $1,302.83, only $46.83 away. Crossing the resistance line could, however, suggest that further gains are ahead.
All in all, the technical analysis suggests Palladium has no clear-cut direction.
Meanwhile, Platinum is down to $920, losing $4.9, after closing at $924.9 in the preceding trading session. Silver closed at $22.77 (down 0.54%).
Furthermore, the market is looking at projections for United States GDP are set for a continuation of decline with 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. CME Palladium has lost 0.8% over the last a day.
