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Is Any Metal Worth Trading Right Now?

Traders have hammered away at just about anything metal in 2013, but the charts finally show a couple bullish opportunities

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You’d think silver and gold would trade in tandem. And most of the time, you’d be wrong.

While gold has had it rough of late, at least gold had a support level nearby to push off of. When silver broke under 61.8% Fibonacci line at $25.27 per ounce in April, it was like the floodgates opened.

To give credit where it’s due, there’s a glimmer of hope of support at $17.93. That’s been a key resistance level, too, making it that much more important as a floor now. As was the case with gold, it might even be enough to spark a quick bounce, maybe as high as $20.

The long-term trendline here, however, suggests $20 is about as high as silver could travel — for the time being — before the weight of that gain would start to bear down on prices again.

As of this writing, James Brumley did not hold a position in any of the aforementioned commodities.

Article printed from InvestorPlace Media,

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