From a technical view, the ETF is shaping a tentative reverse Head and Shoulders pattern which is a bullish development. Regarding technical indicators, the daily RSI is reversing up from a key support area while the daily MACD is facing a rising trend line. On a relative basis against the IVV S&P500, the iShares Silver is bouncing off a horizontal support and looks set for a new up leg.
Trading strategy:
Buy at $21.05 - Stop loss at $19.75 - Target at $26.95