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The precious metals space continues to show impressive strength in 2024. Gold is at new all-time highs and Silver has picked up the pace lately as well, testing its 5-year highs.

Over the past few months, we have highlighted several trading setups in Gold and Silver.

Today, we provide another update on Silver via the ETF (SLV).

The chart below is a long-term “monthly” view of the Silver ETF (SLV). As you can see, SLV is testing its 5-year highs at (1). This resistance level carries even more importance because it is the 38.2 Fibonacci retracement level. Time for a pullback… or time for a breakout?

Should the Silver ETF breakout at (1), look for it to run hard towards its 61.8% Fibonacci level at $33, which is nearly 20% above current prices!

This is an important resistance test for Silver! 

(Click on image to enlarge)

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