The iShares Silver Trust (NYSEArca: SLV) and ETFS Physical Silver Shares (NYSEArca: SIVR) have set a torrid pace this year, but as the white metal continues notching upside, some traders are concerned about pullbacks.

Year-to-date, silver has mirrored the surge in gold in response to ongoing market volatility. Silver has exhibited a correlation of over 80% to gold and typically moves in the same direction as the yellow metal but in larger movements.

SEE MORE: Analysis – Silver ETFs Are Outshining Gold

Silver and other precious metals enjoyed safe-haven demand as the equities market plunged into a correction. The metal also maintained its momentum as the Federal Reserve lowered its interest rate outlook to only two hikes this year from a previously expected four rate hikes.

Additionally, with the dovish Fed stance, the U.S. dollar weakened, which made USD-denominated silver cheaper for foreign buyers and a better store of value for U.S. investors.

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Currently, silver finds itself in a pivotal technical position.

“A year ago we noted that silver was possibly forming one of the largest Cup-and-Handle patterns seen in a long, long time. At the time, silver was trading near $14,” according to Investing.com. “Since then, silver has rallied more than 40%.”

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