Silver ETFs are trying to break out of the narrow range they’ve been stuck in the past few months during a consolidation period.

The metal ETFs have climbed above the 200-day exponential moving average after surrendering the technical indicator in March.

Investors in silver ETFs have viewed the recent price weakness as a buying opportunity. Metal holdings in silver-backed ETFs are rising back toward all-time highs. [Silver ETF Metal Holdings Climb Back Near Record]

Silver ETFs hold more than $16 billion worth of the metal.

The iShares Silver Trust (NYSEArca: SLV) was up 1.1% year to date as of Aug. 17. The ETF rallied 2.5% on Monday.

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