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Precious metals experienced a wave of selling this past week as bullish investors shunned safe haven assets and bid U.S. equities to all-time highs. Expectations of stimulative action by the European Central Bank next week caused the U.S. dollar to rally against the euro, which also contributed to the precious metals selloff.

For the past year, gold and silver have remained within a trading range after plunging in the first half of 2013 in expectation of the tapering or gradual ending of the Fed’s QE3 program. Both metals appear to be forming a type of wedge pattern that could foreshadow a sharp “breakout” move in either direction when the next important catalyst eventually presents itself.

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