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GOLD & SILVER PRICE FORECAST: 23 JULY 2024
Introduction
Over to the precious metals now, we previously discussed with you that gold and silver are still experiencing a chop-fest, remaining range-bound in terms of price action. For example, with silver, there has been another bull trap just over the last week, and now it is right back at the lower end of the range. Hence, until proven otherwise, we continue to stay within that range.
At the lower end of the range at the moment, we see some commodities, such as Palladium and Platinum, starting to break down toward price swing lows. In particular, Palladium, now trading at $ 884 USD per ounce, is very close to the previous swing lows tested in the middle of June. The current price action around $ 885 USD per ounce is drawing favorable attention.
Additionally, Platinum is now starting to break down back toward its price swing lows. This is a significant move as it aligns with the behavior seen in Palladium.
Keywords
- Gold
- Silver
- Palladium
- Platinum
- Price action
- Range-bound
- Bull trap
- Swing lows
FAQ
Q: Why are gold and silver considered range-bound?
A: Gold and silver have been showing a consistent pattern of staying within specific price ranges without significant upward or downward movement, indicating a range-bound trend.
Q: What is a bull trap in terms of silver's price action?
A: A bull trap occurs when the price temporarily spikes upwards, leading traders to believe that it is a breakout, only for the price to fall back to its previous levels, trapping those who bought expecting sustained growth.
Q: What is significant about Palladium's current price?
A: Palladium's current price, around $ 884 USD per ounce, is significant because it is close to the previous swing lows seen in mid-June, indicating a potential support level and attracting buying interest.
Q: What is the current price action trend for Platinum?
A: Platinum has broken back down toward its price swing lows, signaling a potential downward trend in its price action similar to that seen in Palladium.
Q: What does 'chop-fest' refer to regarding precious metals?
A: 'Chop-fest' refers to a market condition where prices fluctuate erratically within a range, creating a choppy and uncertain trading environment.