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April 20, 2023Palladium recovers back to $1,617 per troy ounce today after dipping down to $1,589.5, in a session that follows a previous closing value of $1,618.8.
- CME Palladium is currently trading at $1,617 following the release of Existing Home Sales (Mar) data from the United States.
- While flat so far today, the Palladium future is on a 9 day bullish trend, gaining a total of $207.8 throughout.
United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released today at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Palladium made an initial break below its 3 day Simple Moving Average at $1,598.83, a possible indication of a forthcoming negative trend. Palladium's upper Bollinger Band® is at $1,618.82, suggesting that a downward move may follow. Despite this, Palladium is approaching key support, around $31.33 away from $1,585.67. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests CME Palladium could be primed for a break to the downside.
Gold increases 0.71% to trade around $2,021.6. Silver is up 0.67%. Platinum ascends 0.46% to trade around $1,110.8.
The commodity has been trending positively for about a month. The Palladium future hit a significant low of $1,346.4 around a month ago, but has since recovered 20.23%.
