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Silver consolidation may be done as it climbs to 13-day high

August 31, 2020 by admin 0 Comments

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Silver outpaces gold

The silver bugs are proving to be resilient.

Gold is consolidating but silver may be in the midst of another breakout. The rally today may have punched a path higher from the bull flag pattern on the chart.

Despite the technical break at the moment, I’m skeptical of precious metals in the short-term. Markets are giving Republicans a better chance of holding the Senate and that raises the odds of a divided Congress. With a Biden presidency, that would lead to tighter fiscal policy and unwind some of the recent gains.

In the short-term, which out for the Aug 18 high of $28.47.

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This article was originally published by Forexlive.com. Read the original article here.