"I don't necessarily like the chart pattern now, now that it's flagged sideways," Streible said. "If it gets back below $34 we'll try to buy it with a stop below the low ... but I think silver is overdue for a sizeable correction. ... It's an expensive metal to hold, I think once people see some of their profits slip out of it they'll race for the exits."
A number of U.S. economic indicators come out this week that could affect the precious metals, including durable goods orders, GDP and initial jobless claims, among others.
Tuesday marked option expiration for gold, which will increase volatility in the yellow metal.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV