"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.
Gold mining stocks were mixed Tuesday. Shares of
(NEM - Get Report) were jumping 0.94%, while shares of
(NG) were down 1.3%.
Among other mining stocks,
(GFI - Get Report)
was dipping 1.5% as
(KGC - Get Report)
was sinking 1.5%.
Gold Fields shares were shrinking after a company spokesman told
that workers remained on strike at its KDC West operation in South Africa, even after the two sides reached an agreement on Friday. The spokesman told the news agency that the strike also had spread to Gold Fields' Beatrix mine.
SPDR Gold Trust
was down 0.05%.
-- Written by Joe Deaux in New York.