Silver Still Behind the Trendline

It seems like an eternity since silver was trading near $50 in 2011. The slide down to the $19 range has exhausted many silver stackers. It’s interesting though, the iShares Silver Trust ETF – SLV has still not crossed through the long weekly downtrend line. For 12 weeks, SLV has traded in the $18-$22 range. If silver decides to drop below the current support level, it may be a while longer before silver makes the cross over. Eventually though, silver will make the move, and this base will act as good support.

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