Silver Consolidating - Preparing to Move Higher?

A quick look at silver's daily and weekly chart (weekly of the silver etf, SLV, shown below) shows it is clearly consolidating in a cup-like basing pattern.

Commodities exhibit the same characteristics in their technical action as stocks. I have purchased commodity etf's in the past on break outs of bases, and I'm considering doing it again with SLV or GLD if they move higher and clear their recent highs, or if they form handles to their cups.

There are a number of fundamental drivers behind both gold and silver's big moves lately, and these haven't changed much. Combine that with their chart action and you have a potential formula for success.