Silver has been in a bit of a slumber compared to the price action for gold (NYSE:GLD).
Precious-metals bulls hope that is about to change, as bullish action from silver is necessary to confirm any bull market/move in metals.
Today’s chart takes a closer look at the Silver ETF (NYSE:SLV) on a weekly basis. As you can see, the metal is up 5 percent this week alone.
And that's good news for metals bulls. But this rally isn’t confirming a breakout just yet.
As you can see in the chart above, SLV has been trading between support (1) and resistance (2) for the past year. And the latest rally has taken the silver ETF up toward a test of dual resistance near the 15.15 price level at point (3).
If SLV breaks above (3), it could rally to the 16.25 level rather quickly.
15.15 looks to be a very important price for SLV, so stay tuned.