XAG/USD 1 February

Silver hit 7-year high at $30.13 before easing slightly to trade at 29.71 at around 08:50 GMT.

XAGUSD spikes over 10% on the day, taking clues from Reddit and other social media platforms.

Weekend witnessed a retail buying spree after websites such as Money Metals, SD Bullion, JM Bullion and Apmex noted unprecedented demand for silver bars and coins.

The rumors that silver will follow Gamestop and the likes propelled it to a multi-month high while pushing multiple bourses to turn down orders, resulting in a short squeeze.

Price action has formed 3-white soldiers, a bullish continuation pattern on the weekly charts.

Momentum bullish and volatility is rising, keeping scope for further upside. Little resistance seen till 35.40.

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