Stagnant the Palladium future dips to $1,417 amid sluggish price action

A quick look at Friday: the Palladium future recovered back to $1,447 per troy ounce after dipping down to $1,417, in a session that followed Thursday's $1,445 close value.

Palladium made an initial breakout above its 10 day Simple Moving Average at $1,450.7, a potential indicator of a newly emerging bullish phase. CME Palladium's upper Bollinger Band® is at $1,551.82 and the lower is $1,385.82. The Palladium future is approaching key support, around $25.67 away from $1,421.33. 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.

Despite muted price action in the Palladium future, chart analysis indicates it is positioned for a bullish run in the short term.

While Palladium was pretty flat Friday, mixed performances were seen elsewhere as Silver is trading around $21.39 after ending Friday's session at $20.9 (up 2.32% today). Gold is trading around $1,862.8 after ending Friday's session at $1,840.5 (up 1.21% today). Platinum ascends 2.15% Friday and closed at $963.2.

The commodity has been trending lower for about 2 months. The current year has not been the best for the Palladium future as it lost 19.15% from its highest point of $3,149.