Silver (SLV) aims for its all-time highs

The iShares Silver Trust (SLV) continues its strong uptrend, advancing toward an upside target for the 2013–2024 base at 41.60, with additional resistance near the August 2011 peak at 42.78. The May breakout completed an even larger base extending from late 2011 into mid-2025, which projects upside to 51 and makes a case for SLV to surpass its 2011 peak at 48.18.

Chart 1: iShares Silver Trust (SLV)

The main risk for SLV is the speed and intensity of the recent rally. To manage this, we are closely monitoring the weekly upside gaps. This week’s open created a gap at 39.34–39.12, which is pivotal: holding above it would confirm a bullish runaway gap, while closing below it would raise the risk of a bearish exhaustion gap. Importantly, the prior two gaps—formed in the weeks ending September 5 (36.43–36.29) and June 6 (30.72–30.32)—were breakaway gaps that coincided with rallies through resistance levels. That strengthens the case that the current gap is more likely to be a bullish continuation signal than a sign of exhaustion.

Chart 2: Mind the upside gaps on SLV