Silver Futures Gap Higher on Squeeze Play; Reddit Traders also Eyeing Silver Mining Stocks
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Nearby silver futures gapped higher on Sunday night in the pre-market trading session as the Reddit-fueled boom in highly shorted stocks appears to be spilling over into the precious metals market.
March silver futures gapped to $28.425 on the opening, surging to an intraday high of $29.25 before reaching its high and dropping back below the opening. The price action indicates that investors could be in for a wild ride on Monday when the regular session opens at 13:00 GMT.
The early price action left a gap between Friday’s high at $27.70 and Monday’s pre-market low at $28.155. Speculative buyers will try to maintain the market’s early strength, while sellers will try to fill the gap formed on both the daily and weekly charts.