In the last 5 days, the Palladium future has lost a total of 6.84% of its value. More of the same today: CME Palladium is down to $1,335 per troy ounce, after ending yesterday at $1,358.3. Overall, a 1.72% loss or $23.3 today.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 261,000.
While price action maintains a negative bias, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. Fresh Reserve Balances with Federal Reserve Banks data from United States came out at 3.31 trillion.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1,330, a low enough level to, generally, suggest that Palladium is trading below its fair value.
Overall, the technical outlook suggests the Palladium future is likely to remain muted for the immediate future, with no clear-cut direction.
The commodity has been trending lower for about 29 days. The Palladium future is now trading 41.48% below the significant high of $2,321.2 it set around 8 months ago.