Bullish the Palladium future runs out of steam at $1,704; currently at $1,700.5 per troy ounce

Published: January 26 2023, 07:05 GMT+0

Bullish the Palladium future runs out of steam at $1,704; currently at $1,700.5 per troy ounce

After closing the previous trading day at $1,688, Palladium is up to $1,700.5 per troy ounce, which makes for a move of 0.75%/$12.5 today.

Nevertheless, Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

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 released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Rallies can also be seen in other Metals, Copper gained 0.53% and is now trading at $4.27. Having closed the previous session at $1,942.6, Gold is up 0.18% today to currently trade at around $1,946.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; 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.

Elsewhere, 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. CME Palladium has fallen back around 46.4% over the past 10 months, from a notable high of $3,149.

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