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What this ‘consolidation phase’ means for gold, silver price’s next move

 

Gold and silver prices have been trading rangebound, but the price patterns suggest that the metals are currently consolidating and are ready to see the next move, said Peter Hug, global trading director of Kitco Metals.

“The fact that people are not selling into a market that isn’t as frenetic as it was a month or six weeks ago indicates to me that this market is setting up for the next leg higher once we get through this consolidation phase,” Hug told Kitco News on Wednesday.

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