Silver up over 7% once again for the day

Technical Analysis

Author: Greg Michalowski | silver

Last week, the price moved up over 7% on 2 separate trading days.

The price of spot silver is currently trading up 7.0% at $24.36. That is up $1.60 on the day percent. Recall that last week, there was 2 days where the price moved 7% or more on each.  The price is currently trading at the highest level since the end of August 2013.

Last week, the price moved up over 7% on 2 separate trading days._
Looking at the daily chart, the high price back in at 2011 reached $49.80. The low price was reached on March 16 of this year at $11.64. Although the gain from the low  close is a whopping 110% (and for the year up about 70%), relative to gold which just reached its all-time high today of $1945.72, silver is still around $25 (or equal to its current value) away from its all-time high. This may be spurring on the buying of late.

In addition there has been a large influx of Robin Hood retail traders who have cloud into silver ETF's recently.

Other chatter that supports the rise in silver ranges from Biden becoming president and leading to a greener environment which may include more alternative fuel sources including solar which apparently requires silver in producing.

PS. Bitcoin today also surged. It is up 12.43% or $1196 to $10,826. The high price extended to $10,944.23. The low price was down at $9850.41
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