Silver prices are seeing some upside amid the volatility in equities. While gold has been seeing most of the activity in a safe haven scramble to hard assets like precious metals, silver is also looking at more gains ahead.

“Silver markets rallied a bit during the trading session on Thursday, reaching towards the $28 level,” an FX Empire article by Christopher Lewis noted. “That is an area that has been important a couple of times now, so do not be surprised at all to see this market react a bit towards that level. If we do break above the $28 level, then it is likely that we go looking towards the $29 level.”

“At this point, the market looks very likely to see a bit of upward pressure, but there are some hurdles to clear between now and then,” the article added. “In the short term, buying dips should continue to work as the $26 level looks to be very supportive. Ultimately, this is a market that I think continues offer value on dips, but you should be very cautious about your position size, as the market does tend to be very volatile and that is of course very expensive.”

The latest price action regarding the 50-day moving average could be the telltale sign of where silver prices go from here.

“The 50 day EMA is starting to reach towards the $25 level, and that could very well become the ‘floor in the market’ going forward,” Lewis added. “I think at this point in time it is likely that we will continue to see a lot of noisy trading, but more of an upward proclivity than anything else right now. Even if the US dollar rises, there is an argument to be made for a silver rally in doing to the fact that the central banks around the world continue to loosen monetary policy, not just the Federal Reserve. In other words, people are going to be looking for a certain amount of wealth preservation.

Silver Price Chart

Silver Price data by YCharts

For silver exposure, one fund to look at is the Global X Silver Miners ETF (SIL). SIL seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Total Return Index.

The fund invests at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) based on the securities in the underlying index. The underlying index is designed to measure broad-based equity market performance of global companies involved in the silver mining industry.

For more market trends, visit ETF Trends.