The precious metals complex has seen strong performance this year, with gold returning 32% year-to-date and silver returning nearly 40%. Long-term bullish trends are intact for each commodity, but silver looks more actionable in the near term from a technical perspective. While silver has produced strong returns this year, it does not appear overextended when looking at the monthly chart of the iShares Silver Trust (SLV) , which shows a secular turnaround. Long-term momentum is positive and expanding per the monthly MACD and histogram as silver pushes to its highest level since 2013. Next resistance for SLV is not until a long-term Fibonacci level near $34.00, which is a 61.8% retracement of the downtrend from 2011 to 2020. Zooming in on the weekly chart, SLV has broken out from a six-month trading range on positive intermediate-term momentum, which supports a bullish bias over the next few months. In the short term, there are some signs of exhaustion that support a retest of the breakout point near $29.60, which would provide a more favorable entry point. Additional support for SLV is at the 50-day (10-week) moving average near $27.60. Silver’s breakout in absolute terms has the potential to result in relative outperformance versus gold in the weeks ahead. The gold/silver ratio has seen intermediate-term momentum shift lower per the 10-week MA, and has room to support at the bottom of a long-term trading range. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . 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