Silver Miners Testing Key Breakout Level

(Click on image to enlarge)

Silver miners (SIL) have had a rough 7-years, as the ETF finds itself nearly 75% below its 2011 highs. No doubt the long-term trend remains down.

SIL is has declined 27% since the first of this year (See chart below), where it is testing a falling support line at (1), with momentum currently at the lowest levels in 5-years.

While declining this year, SIL could be creating a bullish falling wedge, where it currently is in a tight jam between support and resistance.

This chart looks at the Year-to-Date performance of miners ETF’s-

(Click on image to enlarge)

SIL has been a leader to the downside this year when comparing it to other mining ETF’s.

If SIL would happen to break out, it would send a short-term bullish message to Silver miners, as well as GDX & GDXJ.

The price action over the next few weeks in SIL could send a very important message to Silver and Gold Miners!

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