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Silver Miners ETF Testing 9-Year Resistance Level

Published 02/04/2021, 03:09 PM
Updated 07/09/2023, 06:31 AM
XAG/USD
-1.15%
SI
-1.40%
SIL
-4.34%

Long-Term Monthly Silver Miners ETF.

In less than a year’s time, the price of silver has rallied from around $12 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 (Global X Silver Miners ETF (NYSE:SIL)). As you can see, the $52 mark at (1) has been support and resistance for the past nine 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 Feb. 2, SIL popped to just over $51.35 intraday before reversing lower (and now trading around $42).

But silver prices are elevated and the Silver Miners (SIL) are hanging around a nine-year resistance, which is heavy until proven differently.

If SIL can break out above resistance at (1), its upside target would be the $75 level at (2). Stay tuned.

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