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Gold and silver often trade in sync. And after lagging gold for the past eight months, silver appears to be trying to play catch-up. Will it be successful? Let’s look at the charts.
For the past 18 months, spot silver has traded between $22-$30 an ounce. It has finally progressed from a “declining phase” to a period of “base-building.” This is where the price of a security trades within a well-defined narrow range after being dragged lower for months.