Bullish CME Palladium runs out of steam at $1,704; currently at $1,698 per troy ounce

Published: January 26 2023, 05:56 GMT+0

Bullish CME Palladium runs out of steam at $1,704; currently at $1,698 per troy ounce

After closing the previous trading day at $1,688, Palladium is up to $1,698 per troy ounce, which makes for a move of 0.6%/$10 today.

On the flip side, following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

This rally in CME Palladium's price coincides with other Metals as Gold is up 0.19%.

Moreover, macro data could boost sentiment further as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available today at 13:30 UTC.

Also worthy of note, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

The commodity has been trending positively for about a month. Having soared to a high of $3,149 approximately 10 months ago, CME Palladium is now trading 46.4% lower.