Ambitious traders looking for more near-term upside in silver can consider leveraged ETFs, such as the ProShares Ultra Silver ETF (NYSEArca: AGQ) and the VelocityShares 3x Long Silver ETN (NYSEArca: USLV).
Silver’s surge is also boosting mining ETFs, which are among this year’s best-performing non-leveraged ETFs. That group includes the Global X Silver Miners ETF (NYSEArca: SIL) and the PureFunds ISE Junior Silver ETF (NYSEArca: SILJ).
“There lies just overhead the upper parallel belonging to the trend-line off the December lows; we’ll need to keep an eye on how the market responds on further testing. It was very near the high the other day, but as an upward sloping line it not only will be a rising moving target, but is considered resistance of only a minor degree. The area surrounding 18.50 is our primary concern as resistance until the target at 19 is met. The 19 line is not only the peak in November, but also equals the measured move target based on the depth of the inverse H&S,” according to DailyFX.
For more information on the silver market, visit our silver category.