"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.
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