Gold, platinum, and silver prices rose to their most recent highs in early August. Palladium hit its recent peak in late July. Since them, the prices of the four leading precious metals that trade on the COMEX and NYMEX divisions of the Chicago Mercantile Exchange have been consolidating.
Bull markets rarely move in a straight line. Palladium has been in a bullish trend since early 2016. Gold broke out to the upside in June 2019 when the yellow metal broke above its July 2016 peak at just below $1380 per ounce. Silver waited until July 2020 to break above its critical technical resistance level at over $21.10 per ounce. Platinum continues to lag the other precious metals, but it has displayed signs of strength over the past months.
Price consolidations can be healthy for markets as they regroup and build the power for another move to the upside. All of