Gold Prices Push Up As Traders Buy The Dip

New York (July 17)  In a market that is technically bullish on the charts, downside price corrections are met by traders stepping in to "buy the dips" on some perceived bargain hunting. Such is the case in gold today. The gold price trend remains up, which means the path of least resistance for prices will remain sideways to higher. The U.S. dollar index has also fallen lower and to its daily low in late-morning dealings Wednesday, which is also helping out the precious metals market bulls. August gold was last up $1.20 at $1,412.40.

By 11:30am EST spot gold ws up $18 to $1,423, while spot silver soared nearly 2% to $15,92. Meanwhile, both spot platinum and palladium vounced nearly 1%.

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