If you're a regular, long-time listener to our LEO Round Tables, you'll remember we talked about SLV way back at $13. We had an update a couple months ago as well.
We even talked about targets and levels.
Since then, I haven't paid much attention to it. I have my physical silver, and don't really care about ETF prices. But today, I decided to look at it from my list.
And wow, supply and demand levels work.
The areas I picked out for prior consolidation and pivots turned out to be future areas of consolidation and pivots.
In the chart above you see zones going back to 2012.
In the chart below, we zoom in to the last 10 months or so.
You can see how the price got squeezed higher through the bottom zone, consolidated in the middle zone, and then pivoted in the top zone. The buying power wasn't strong enough to work its way through that top zone, and has retreated to the consolidation zone.
What's next for $SLV? I'm not sure. The chart is looking a bit weak to me, island in the sky style, so we might see a retracement back to the bottom zone. But I don't really have strong enough sentiment one way or the other.
What I do know is that when $SLV moves, it's likely to pause at 25 or 19. We're right in the middle, so even money either direction.