The precious metals arena has seen gold and silver pull back 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) from Marketsmith.com.
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!
This article was first written for See It Markets.com. To see the original post CLICK HERE
