Stagnant Palladium peaks at $1,464 amid sluggish price action

Yesterday at a glance: CME Palladium 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.

This uncertain state for the Palladium future is reflected by published market data as United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. United States CFTC Crude Oil speculative net positions came out at 224,200. Fresh CFTC Gold speculative net positions data from United States came out at 128,800.

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

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

Meanwhile, mixed performances are seen in other Metals as Silver is trading around $21.39 after ending yesterday's session at $20.9 (up 2.32% today). Gold went up by 1.21% yesterday, and closed at $1,862.8. Platinum is trading around $983.9 after ending yesterday's session at $963.2 (up 2.15% today).

The commodity has been trending lower for about 2 months. 8 days ago, Palladium fell to a low of $1,397 but has since recovered 3.43%.