| 
July 02, 2023
While on a 13 day downtrend A slight improvement can be seen from Friday's session: without a clear direction, CME Palladium closed at $1,225.5 per troy ounce while ranging between $1,218 and $1,264.
Concerning technical analysis and more specifically, trend indicators, 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. According to momentum evaluation, the Relative Strength Index indicates the Palladium future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that CME Palladium's upper Bollinger Band® is at $1,446.67 and the lower is $1,198.48. Visual analysis of CME Palladium's chart shows that Palladium is approaching key support, around $17.17 away from $1,208.33. 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.
Overall, technical indicators suggest CME Palladium has no obvious direction for the immediate future.
While CME Palladium was pretty flat Friday, mixed performances were seen elsewhere as Copper improves 1.76% Friday and closed at $3.7. Gold is trading around $1,927.8 after ending Friday's session at $1,918 (up 0.52% today).
Data to be released today might clear up some of the market fog as United States ISM Manufacturing PMI (Jun) is scheduled for tomorrow at 14:00 UTC.
The commodity has been trending lower for about a month. 8 months ago CME Palladium reached a significant high of $2,321.2 but has consequently lost 47.12% since then.
