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Silver Miners ETF Testing Key Breakout Level

Published 04/30/2020, 10:58 AM
Updated 07/09/2023, 06:31 AM

Is it Hi-Yo silver miners Time for miners? We could find out soon, as Silver Miners ETF (NYSE:SIL) is testing a key breakout level.

The sharp decline in March saw SIL test the 2015 lows, creating the potential for a long-term double bottom.

This chart from Marketsmith.com and Investors.com reflects that line (1) has played the role of support and resistance numerous times over the past 7 years.

The sharp counter-trend rally over the past two months has SIL testing line (1) again at (2) as resistance.

Is it HI-Yo silver miners time? If SIL succeeds in breaking out at (2), look for it to attract a good deal of buyers.

Latest comments

Lloyd Blankfein, Goldman Sachs, and Steve Munchin will never allow gold and silver to rally....
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