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The silver rally is accelerating after the gap and so far reaches $30. A strong break of resistance at 27.91 confirms the resumption of short-term gains from 21.88. The next target is a 100% forecast of $21.88 to $27.91 from $24.12 at $30.50, close to the high of $30.15.
Spot Silver (XAG/USD) continued its recent meteoric rally for the third day in a row, during which the spot price of the precious metal rose from less than $25 per troy ounce to, at some point during Monday morning European session, above the $30 mark with an increase of about 20%. After crossing the 2020 high of $29.80 and the $30 level and hitting an eight-year high on Monday morning, the precious metal declined slightly, trading at an average of $29, but still more than 10% higher than last year.
As the new session starts, the bulls may try to continue moving up past the $30 level, with the next significant area of resistance going to the January 2013 high of around $32.50. Technically speaking, until then there will be clean air. On the other hand, early January 2021 highs just below the $28 level should offer support.
Stocks Rally Continues As Traders Focus Attention on Silver
The war between the Wall Street establishment and small investors is far from over as retail traders are not only still betting against GameStop short-sellers and other Reddit favorites, but are also moving into the commodities arena.
Silver has become a new target for Reddit traders after someone posted on an online forum that it is “the world’s largest short squeeze.” The spot silver price is up about 10% today after two days of strong gains.
Meanwhile, the price of so-called “meme stocks,” such as GameStop and AMC Entertainment, rose again on Friday after online brokerage firm Robinhood eased some of its trading restrictions on the stock. However, it remains to be seen if Reddit traders will have the same success in initiating a massive short squeeze for silver as they did for falling stocks like GameStop.
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