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March 10, 2023
CME Palladium goes up to $1,371.5 per troy ounce, having dipped down to $1,349 earlier.
- United States Non Farm Payrolls data will be released today at 13:30 UTC, with an expected decline to 205,000.
- In contrast to today's gains, Palladium has been on a 7 day bearish trend during which it lost $89.1 of its value.
Earlier data releases related to the Palladium future – highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 211,000.
Technical analysis of the Palladium future before macro data is released:
Palladium made an initial breakout above its 3 day Simple Moving Average at $1,380.63, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. CME Palladium's lower Bollinger Band® is at $1,342.67, indicating that the market is oversold and fertile for new buyers. In contrast, Palladium could be slowing down soon as it approaches resistance at $1,403.67. Of course, crossing it might suggest further gains are ahead.
CME Palladium continues to move higher with technical analysis indicating the trend will continue in the short term.
Coming up for Palladium — today at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released today at 13:30 UTC.
As the markets get ready for more data to be released — after ending yesterday's session at $954.3, Platinum lost $15 and is trading around $939.3. After ending yesterday's session at $4.04, Copper lost 3.9 cents and is trading around $4. Gold gained 0.31% and is currently trading at $1,840.3.
The commodity has been trending lower for about 2 months. CME Palladium is up 0.97% from the significant low of $1,346.4 it hit 2 days ago.
