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.

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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

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