Silver ETF (SLV) Update: All Eyes On $16 Support

Andrew Nyquist

In a recent article, I highlighted the rally in Silver as a bullish signal for precious metals (and gold).

In that post, I took a look at a chart of the Silver ETF (SLV) and highlighted a prospective path forward to Silver.

That forecast is playing out right now, as $SLV rallied up to $18.35 before falling back below $17. As a reminder, precious metals (and especially gold – GLD) derive its “juice” for lasting rallies from bullish acting Silver prices.

Today, I will take another look at the Silver SLV chart and re-iterate key support levels to watch.

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Silver ETF (SLV) Price Chart

The $16 level continues to be important breakout support. If this level gives way, it could serve to neutralize Silver to a holding pattern. There is a confluence of support between $15 and $15.75 that is secondary support.

What bulls do not want to see is a steep rally that fails and turns into a steep decline.

silver etf slv chart analysis buy support levels month september

For reference, here is the prior chart I shared:

Twitter: @andrewnyquist

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