It's no surprise that we're seeing a bit of churn here as it tests its 200 dma for the first time in five months. Traders are no doubt taking profits here as the 200 dma is a closely watched level of resistance. What's also encouraging is that the volume over the last two weeks has been steadily dropping which suggests sellers are losing steam. Price has held up nicely and the 50 dma has made a strong move higher.
All things considered, this chart looks very constructive from a bull's perspective - at least in the very short term. The mid- and long-term charts are still decidedly bearish, but every journey starts with the first step. If silver can manage a few consecutive closes above its 200 dma, then I think something bigger may be brewing.