| 
May 26, 2023
While in the midst of a 5 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. CME Palladium trades at $1,422 per troy ounce after gaining $6.4 (0.45%).
Palladium is currently trading at $1,422 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.
On the flip side, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.
At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.
Palladium made an initial breakout above its 3 day Simple Moving Average at $1,428.17, a potential indicator of a newly emerging bullish phase. Palladium's lower Bollinger Band® is at $1,394, indicating that the market is oversold and fertile for new buyers. The Palladium future broke through the $1,441.67 resistance, climbing $19.67 above it.
CME Palladium continues to move higher with technical analysis indicating the trend will continue in the short term.
Rallies can also be seen in other Metals, Copper is up 2.29% to $3.67. Having closed the previous session at $22.91, Silver is up 2.03% today to currently trade at around $23.38.
Palladium has fallen back around 39% over the past 7 months, from a notable high of $2,321.2.
