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May 13, 2023Yesterday at a glance: after a mostly steady day, CME Palladium lost 3.25% deep into the session, ending up at $1,503.5 per troy ounce.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
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. On the other hand, note that 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.
Looking forward, the Palladium future is poised to extend its strong downtrend and continue declining.
Palladium's value drop coincided with the fact that Platinum is down to $1,058, losing $47, after ending the previous session around $1,105. Silver lost 1.2% yesterday and closed at $24.42. Gold is down to $2,015.6, losing $4.9, after ending the previous session around $2,020.5.
Having set a significant high of $2,321.2 7 months ago, Palladium is trading 33.05% lower.
