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February 24, 2023
CME Palladium is down to $1,383 per troy ounce, after ending yesterday at $1,428.6. Overall, a 3.19% loss or $45.6 today.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 192,000.
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. Palladium has just crossed the lower Bollinger Band® at $1,391.21, indicating further losses could be forthcoming. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the Palladium future's case, the index has fallen below 30, signalling that the asset is oversold.
Looking forward, CME Palladium is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other Metals as Platinum is trading around $924.8 (down $20.7). After ending yesterday's session at $21.31, Silver lost 23.6 cents and is trading around $21.07. Copper closed at $4.02 (down 0.87%).
Furthermore, United States Core PCE Price Index (MoM) (Jan) is expected today at 13:30 UTC. United States New Home Sales (Jan) will be released today at 15:00 UTC.
The commodity has been trending lower for about a month. The Palladium future has lost 1.07% over the last a day.
