SEE MORE: Analysis – Silver ETFs Are Outshining Gold

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.

“Silver looks a bit more interesting than gold at this point. I think a break out this triangle would be pretty bullish and open the door for new recovery highs. During the pullback, there was a nice reset of daily momentum. Both the 14-day RSI and MACD had moved into extreme overbought territory following the parabolic move in June and July,” adds See It Market.

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Tom Lydon’s clients own shares of GLD.