Still, it has been more than a month since SLV and SIVR traded above their 200-day moving averages. Additionally, the 200-day line is getting close to crossing below the 50-day moving average, which signal an ominous death cross scenario.
Understandable it is hard to find Silver bulls right now, as bullish sentiment on Silver stands around 20%, a far cry from the levels back in 2011 (82% Silver bulls)! If the monster cup & handle pattern read would happen to be correct, a big upside move in Silver would be in the cards,” adds Kimble.
Investors have pulled $39 million from SLV this year. SIVR has seen only modest outflows.
Chart Courtesy: Kimble Charting Solutions