| 
June 04, 2023A quick look at Friday: after ending Thursday at $1,403.5, the Palladium future went up to $1,440.5 only to drop back, yet still traded well overall and closed at $1,421 per troy ounce Friday.
Palladium made an initial breakout above its 10 day Simple Moving Average at $1,422.25, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $1,386.5 to $1,440.5, Fibonacci-inclined CME Palladium traders were highly concentrated around active Fibonacci resistance at $1,411. CME Palladium's lower Bollinger Band® is at $1,360.59, indicating that the market is oversold and fertile for new buyers. Despite this, the Palladium future could be slowing down soon as it approaches resistance at $1,443.5. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Palladium might continue pointing upwards in the short term.
This rally in CME Palladium's price coincides with other Metals as Copper is trading around $3.73 after ending Friday's session at $3.71 (up 0.59% today).
While Palladium is higher so far today, these Metals commodities are underperforming: Gold falls 1.56% Friday and closed at $1,995.5. Silver descends 1.22% Friday and closed at $24.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (May) scheduled to come out tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
Having set a significant high of $2,321.2 7 months ago, Palladium is trading 39.54% lower.
