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June 19, 2023CME Palladium is grinding lower from $1,416.2 to $1,406.5 per troy ounce, shedding $9.7 (0.68%) today.
Palladium made an initial break below its 21 day Simple Moving Average at $1,391, a possible indication of a forthcoming negative trend. Palladium's upper Bollinger Band® is at $1,457.48 which indicates a further downward move may follow. In contrast, the Palladium future could begin to recover as it approaches significant support, now $19.17 away from $1,387.33. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the Palladium future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Palladium future is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Metals as Platinum is trading around $984.7 (down $7.3). After ending today's session at $1,971.2, Gold lost $7.6 and is trading around $1,963.6. Copper descends 0.64% to trade around $3.86.
Furthermore, United States Building Permits (May) is expected tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. CME Palladium hit a significant low of $1,313 around 8 days ago, but has since recovered 7.86%.
