However, there are some drawbacks to the precious metal. Specifically, in the currently strong U.S. dollar and slightly deflationary environment, silver may flounder. The recent pullback in the USD, though, has helped provide a nice lift in silver prices, following the Federal Reserve’s more dovish stance on its rate outlook.

For the chart watchers, SLV has re-tested its $15 support and is currently showing a bullish divergence in its relative strength index, which is making a higher low, a potentially positive sign, writes Andrew Thrasher for See It Market. Consequently, Thrasher is now seeing if SLV can target a relative strength index reading above 50, break above its $18 support and trade above its short-term, 50-day moving average.

iShares Silver Trust

For more information on the silver market, visit our silver category.

Max Chen contributed to this article.