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Why the rally in silver is in trouble

Talking Numbers

While gold has been hogging the precious metal spotlight in 2014, silver has been making a comeback of its own this year.

After losing a miserable 36% in 2013, silver is off to a flying start in 2014 and is up 12% since January 1. However, though America's women's Olympic hockey team may have given up their gold medals for silver ones in Sochi, that's a trade they may soon regret, according to two strategists.

(Read: Gold heads for 3rd week of gains, dollar weighs)

Though silver is traditionally more tied to industrial usage than gold, CNBC contributor Gina Sanchez, founder of Chantico Global, believes the recent rally in the silver was due to economic uncertainty.

"Silver is very, very sensitive to what's happening with the economic numbers," says Sanchez. "And, as [the numbers] have come in soft, that rally in silver has just continued."

Sanchez believes that recent economic data such as lower retail sales in January were due to weather, though some general weakness may be part of the drop. However, she doesn't believe it will last the rest of 2014.

"Most economists believe that the data is going to sort of work itself out by the end of the year and we're going to have a decent growth number," says Sanchez. "That's not great for silver. I think it probably rallies in the short-term. But, I think if you look toward the end of the year, both silver and gold are going to have a hard time by the time the data really picks back up."

(See: CNBC's Metal Commodities coverage)

Steven Pytlar, Chief Equity Strategist at Prime Executions, says longer-term charts for silver back up Sanchez's outlook. He sees the metal trading once more trading in a sideways range as it did from the end of 2011 to early 2013 – just when it tanked.

Pytlar sees silver bound between its September highs of $24.65 per ounce and its lows it tested several times over the past three months, near $19 per ounce.

"As it moves up to the upper bounds of that range," says Pytlar, "we should see some selling pressure come back in and we think then it could head lower again. The real key here, though, is we do not see a major reversal signal at the low for this current rally, telling us that the longer-term downtrend is likely still intact."

To see the full discussion on silver with Sanchez on the fundamentals and Pytlar on the technicals, watch the video above.