Palladium moves up to $1,403.5 after a 9 day downtrend

The Palladium future has been losing ground for 9 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 $1,397.5, CME Palladium is up to $1,403.5 per troy ounce, which makes for a move of 0.43%/$6 today.

United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.

Palladium upside coincides with further encouraging market factors as data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.

Meanwhile, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) came out at -1.1, while a consensus of analysts was expecting -1.6.

Technical analysis trend indicators suggest 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 $1,367.16, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests CME Palladium is likely to remain muted for the immediate future, with no clear-cut direction.

This rally in the Palladium future's price coincides with other Metals as Silver ascends 0.61% to trade around $23.38.

Meanwhile, Copper is down to $3.65, losing 1.75 cents, after closing at $3.66 in the preceding trading session.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Also worthy of note, United States Initial Jobless Claims expected to decline to 235,000 while its preceding data was 229,000, data will be available tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (May) is expected tomorrow at 12:15 UTC.

Over the past 7 months, CME Palladium has retreated 39.79% from a noteworthy peak of $2,321.2.