Usman Salis
⬤ The Global X Silver Miners ETF (SIL) has settled above a major resistance zone that shaped price action earlier this quarter. SIL jumped higher in mid-October and came back to test that same level in December. The chart marks October 16 as the breakout point, followed by consolidation and a controlled pullback that stayed above the prior ceiling in the low-80s range.
⬤ The chart shows SIL climbing through September and early October before hitting resistance. After the October push, prices dipped briefly but didn't erase the advance. Instead, the ETF formed a tighter pattern and revisited the old resistance area in December. That level worked as support during the retest, with prices bouncing back and staying above the marked line.
⬤ This behavior shows improving technical health for senior silver mining stocks. SIL bounced from its November low and is now trading near recent highs, indicating buyers are defending the higher range. The current setup suggests room for a 25 to 35 percent upside move over the next two to four weeks, based on visible price structure and recent support confirmation.
⬤ The move matters for the broader precious metals space, since senior silver miners typically amplify momentum during strong phases. Holding above former resistance can shift near-term sentiment across silver equities, especially if the metal itself stays firm. While the chart doesn't guarantee outcomes, the successful retest signals a technically solid phase for SIL that traders are watching closely.
Usman Salis
