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MENAFN- Daily Forex)
Silver gained roughly 6.3% during the day and now has gone vertical upon going vertical. Silver rallied again during the trading session on Friday in thin volume. It is probably worth noting that most traders would have been away from work on Friday in the European Union and the United States. So, with that being the case, I think you have to understand that there is a little bit of excess volatility in this market in that type of environment.
Silver gained roughly 6.3% during the day and has now has gone vertical upon going vertical previously. With this being the case, I think you have to understand that this is a situation where, on short-term pullbacks, I do believe that traders will continue to look at the $70 level as support and then after that, the $65 level Volatility and Demand
It would not surprise me at all to see a significant pullback because, quite frankly, we are getting to the point where you have to ask the question of who would be left to buy this market. I certainly would be terrified to jump in with a huge position after this type of move, but some type of pullback and a bounce will end up being the right move in my estimation.
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The overall attitude of the market should remain the same because we have seen heavy demand for silver, and now we are even seeing things like headlines coming out that Tiffany's, the world-famous jeweler, has run out of silver. That is only going to make things even more interesting, and of course, we have metals exchanges running out of it, etc. In fact, the market is so volatile that I was looking at prices today for the spot market, and the spread is about $8 an ounce for certain forms of silver. So that just tells you how out of control this market is getting. Clearly, if you can find a little bit of value, that is going to be the way to go.
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