Increasingly from a technical perspective the mid-April low at 11.64 in the iShares Silver Trust ETF (NYSE: SLV) appears to have ended a correction off of the Feb high at 14.45 and as well as initiated a new upleg that should hurdle a 10-month resistance line at 13.00 on the way to a test and hurdle of 14.45.  At this juncture only an inability to hurdle 13.00 followed by a decline that breaks 12.20/15 will compromise the developing upmove.

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