Silver up by over 7% currently to near $29

Silver D1 01-02

Silver is on the move once again as it stays underpinned to start the new week. Prices jumped at the open to hit $29 and we are trading thereabouts once again currently.

There is plenty of talk of unprecedented amount of demand as well as there being a lack of offers on the board this morning, helping to keep prices elevated.

As things stand, there is some daily resistance from the 1 September high @ $28.91 but the break of the key trendline resistance and 15 September high @ $27.62 bodes well for buyers in trying to take another shot at $30 once again.

That said, silver is up 14% in just three days so just be wary that there is scope for some profit-taking and a pullback potentially down the road.