The precious metals arena has seen gold and silver pullback and consolidate for several months. And this, coupled with a bear market in equities has brought down precious metals mining stocks.
But the miners are starting to show life. And if King Dollar slows its roll and equities continue to rally, then the miners could take off.
Today, we take a look at a long-term “weekly” chart of the Silver Miners ETF (SIL).
As you can see, $SIL tested the 2018 and 2019 lows (support) and is holding thus far. As well, the miners have been forming a basing pattern. This has created short-term support (recent lows) and short-term resistance (recent highs).
The Silver Miners are currently testing this short-term resistance at (1). And things could get exciting for $SIL if a breakout at (1) takes place. Stay tuned!
$SIL Silver Miners ETF Chart
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.
