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June 26, 2023Palladium has been losing ground for 8 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 $1,279, CME Palladium is up to $1,283.5 per troy ounce, which makes for a move of 0.35%/$4.5 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 Palladium's lower Bollinger Band® is at $1,259.2, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates Palladium will remain range-bound for the immediate future.
This rally in Palladium's price coincides with other Metals as Silver is up 0.81%. Having closed the previous session at $1,929.6, Gold is up 0.28% today to currently trade at around $1,935.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Consumer Confidence is projected to outperform its last figure with 104, having previously been at 102.3. The figure will be published tomorrow at 14:00 UTC.
The market is looking forward to the release of new data: United States Building Permits will be released tomorrow at 12:00 UTC. United States New Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.
The commodity has been trending lower for about a month. Having set a significant high of $2,321.2 8 months ago, CME Palladium is trading 44.9% lower.
