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April 05, 2023
CME Palladium continues a 10 day uptrend, gaining a total of 9.29%. Consistent for now — currently trading at $1,471.5 per troy ounce, the Palladium future remains range-bound between $1,450 and $1,474.5.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
At the same time, United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Trend analysis indicates that Palladium made an initial breakout above its 5 day Simple Moving Average at $1,462.42, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,466 currently serving as resistance Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,505, thereby suggesting that the Palladium future is becoming overvalued. A study of CME Palladium's chart reveals various key levels to watch: Palladium could be slowing down soon as it approaches resistance at $1,488.67. Of course, crossing it might suggest further gains are ahead.
Overall, while the Palladium future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in the Palladium future's price coincides with other Metals as Platinum is up 1.56%.
Meanwhile, Copper withdraws 0.63% to trade around $3.95.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Mar) is scheduled for today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
CME Palladium has shed 37.1% over the past six months.
