Risk-off mood drags the Palladium future 0.49% lower

Friday at a glance: CME Palladium slid down from $1,374.7 to $1,368 per troy ounce, taking a $6.7 loss (0.49%)

Despite being in the red so far in the current trading session, Palladium peaked above its 5 day Simple Moving Average around $1,392.48 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,334, a low enough level to, generally, suggest that CME Palladium is trading below its fair value. Palladium could begin to recover as it approaches significant support, now $25 away from $1,343. Dipping below could be an indication that further losses are ahead.

Technical analysis indicates that CME Palladium (currently on a downtrend) might reverse course and start pointing upward in the short term.

Positive performances can be seen by looking at other Metals markets as Gold went up by 2.08% Friday, and closed at $1,872.7. Notably, Silver rose 2.18% Friday and closed at $20.16. Platinum is trading around $963.2 after ending Friday's session at $949.3 (up 1.46% today).

The commodity has been trending lower for about 2 months. After hitting an important low of $1,346.4 approximately 4 days ago, the Palladium future has bounced back 2.1% since.