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May 14, 2023
A quick look at Friday: after a mostly steady day, Palladium lost 3.25% deep into the session, ending up at $1,503.5 per troy ounce.
Palladium made an initial break below its 21 day Simple Moving Average at $1,527, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,514.75 currently serving as support. If price action breaks below, the next Fib hurdle is $1,490.27. Despite this, CME Palladium could begin to recover as it approaches significant support, now $24.33 away from $1,479.17. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Palladium to extend its recent losses.
The Palladium future's value drop coincided with the fact that Platinum lost 4.24% Friday and closed at $1,105. After ending Friday's session at $24.42, Silver lost 29.4 cents and is trading around $24.13. Gold slumps 0.24% Friday and closed at $2,020.5.
The Palladium future has fallen back around 33.05% over the past 7 months, from a notable high of $2,321.2.
