Silver Miners ETF Testing 9-Year Breakout Level!

In less than a year’s time, the price of Silver has rallied from around $12 dollars to the recent highs just over $30.

That’s quite a rally!

And when Silver is in rally mode, it benefits the entire industry, including the Silver Miners.

Today’s chart is a long-term “monthly” view of the Silver Miners ETF (SIL). As you can see, the $52 mark at (1) has been support and resistance for the past 9-years or so. Though SIL has seen some big rallies from deep lows, it has been confined by this resistance level.

And it appears to be the case again in the early going of this month. On February 2nd, $SIL popped to just over $51.35 intraday before reversing lower (and now trading around $44).

But silver prices are elevated and the Silver Miners (SIL) are hanging around this level. IF SIL can break out above resistance at (1) its upside target would be the $75 level at (2). Stay tuned!

$SIL Silver Miners “monthly” Chart

silver mining etf sil breakout miners price analysis chart february

Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.

Twitter:  @KimbleCharting

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

Sign up for our FREE newsletter
and receive our best trading ideas and research