Silver opened with a massive bullish price gap after the week. Precious metal is gaining 10% on the day and currently trades slightly below $30 per ounce. Gains come after bullish bets on silver were encouraged by the Reddit community, the same one that has recently sent GameStop shares into the sky. Rally is additionally supported by weekend reports from numerous precious metals dealers, who said that the available supply of physical silver is almost gone. Silver managed to break above 2020 high in the $29.80 area earlier today and traded at the highest level February 2013! Other precious metals are also catching a bid with gold trading 1.2% higher and platinum rallying 5%.
Silver jumped above the resistance zone at $27.60 at the beginning of today's trading and continued to advance. Precious metal has even managed to break above the 2020 high in the $29.80 area and traded at the 7-year high. While a small pullback occurred later on, the commodity is still trading 10% higher on the day. Source: xStation5
