The iShares Silver Trust (NYSEArca: SLV), the largest exchange traded fund backed by physical holdings of silver, has tumbled more than 10% over the past month and currently flirts with a 52-week low, but silver’s darkest clouds may have passed.

Silver has has experienced back-to-back selling since the October Federal Open Market Committee announcement, which pointed to a December rate hike, and the strong October jobs report, which also fueled the case for tighter monetary policies.

Technical investors, though, may argue that silver could bounce back over the short-term as the relative strength index, a technical momentum indicator, suggests that SLV is oversold after the consecutive selling pressure.

“Both the technical pattern and our bigger-picture economic outlook appear to be supportive to Silver prices into 2016,” according to See It Market. “This is not to say we think silver prices are going to rocket “to the moon.” For at least the next year and possibly longer, we expect precious metals to trade within a range, probably not reaching much higher than their 2013 lows. The weekly chart for the Silver ETF (SLV) shows how we think the first part of a bounce might play out between now and the middle of 2016.”

“Silver has gotten smoked, losing more than 10 percent of its value in a nearly unremitting drop over the past 2 ½ weeks. But that might present nimble traders with an opportunity to play for a bounce, according to investment advisor Neil Azous of Rareview Macro,” CNBC reports.

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