On this semi-holiday with volume extremely low, silver is struggling to regain the $34 level after the cartel’s vicious raid on the overnight Asian session smashed price below $33.70.
After consolidating between $33.80 and $33.90 throughout the rest of the overnight Asian and London sessions, silver has finally regained the $34 level early in COMEX trading, and is rallying back towards $34.30.
Gold has also just regained the critical $1775 level.
With volume light and commercial net short positions near all-time highs in both silver and gold, it would not surprise us to see another raid attempt after the pit close during the afternoon access market trading. Silver back above $34:
Gold regains $1770, and being drawn back towards $1775 like a magnet: