Palladium macro outlook · updated 12 November 2026
Is palladium bullish or bearish?
As of 12 November 2026, palladium scores 30 out of 100 on the WatchTower Terminal macro composite, a bearish read. Palladium carries a bearish macro bias, with a composite score of 30/100. A broadly tightening central-bank stance and firm labour data keep the dollar supported, which weighs on dollar-priced metals and on industrial demand. Speculative positioning is net short and light, near the bottom of its range, so crowded shorts leave room for a sharp squeeze if sentiment or supply concerns shift.
Composite score
30
Bearish
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
- Institutional positioning
- Net short · at a crowded short extreme
Current drivers
- Tightening policy backdrop is a structural headwind for dollar-priced palladium
- Resilient labour data keeps the hawkish policy bias intact
- Net-short speculative positioning near bottom of range raises squeeze risk
- Geopolitical tensions sustain oil volatility and dollar demand
How this score is built
Published weights, not a black box.
Copper, platinum, palladium and oil are scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- COT level35%
- Bank research25%
- COT flow20%
- Central bank10%
- Seasonality10%
The rest of the board
Ranked strongest to weakest on the same scale.
About Palladium
Is Palladium bullish or bearish right now?
As of 12 November 2026, Palladium carries a bearish macro read, scoring 30 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving Palladium?
Current drivers include: Tightening policy backdrop is a structural headwind for dollar-priced palladium; Resilient labour data keeps the hawkish policy bias intact; Net-short speculative positioning near bottom of range raises squeeze risk; Geopolitical tensions sustain oil volatility and dollar demand.
How is the Palladium macro score calculated?
Palladium runs on the physical market weights: cot level 35%, bank research 25%, cot flow 20%, central bank 10%, seasonality 10%. The central bank input is the developed-market policy stance, inverted, and the score is re-weighted over the inputs palladium actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track Palladium in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live Palladium score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.