Silver touched $61 per ounce Monday morning. By the time markets got a hint that the bombing campaign was winding down, the price had bounced back $12 to $73. For traders watching the metal, the move was fast.
Wall Street Mav, a popular analyst on X with a large following, posted a chart showing the sharp reversal. His take was simple: the market pressure remains higher, and the underlying shortages in silver are real.
The Silver Chart: A V‑Shaped Bounce Off the Lows
The chart Mav shared shows silver futures for May delivery. The left side of the chart displays the steep drop that pushed price to $61 earlier in the week. Then, as news circulated about a potential de‑escalation in the Middle East, buyers stepped in aggressively. The candles flipped from red to green, and price climbed back above $73 in a matter of hours.
The silver chart labels the low clearly, with a vertical line marking the turn. Volume picked up on the bounce, confirming that the move had real participation. Mav pointed out that the $61 level represented a temporary bottom, but the broader picture remains one of supply deficits and structural demand.
Shortages Are Real
Mav used the bounce to remind his followers about the fundamentals. Silver demand exceeds supply by several hundred million ounces per year. That deficit has been building for years, and the recent price drop did nothing to fix it. In his view, the sell‑off was driven by sentiment and leverage, not by a sudden flood of physical metal hitting the market.
He noted that buying silver mining stocks at these levels is a gift. The two names he holds are Aya (AYASF) and Silver X (AGXPF), both of which have room to grow production in coming years; a rarity in the silver mining space.
For traders looking at the chart, the bounce off $61 shows how quickly sentiment can change when geopolitical tensions ease. But Mav’s broader point is that the underlying pressure in the silver market never went away. The shortages remain. And any pullback that does not address the supply deficit is, in his view, an opportunity.
Read also: Here’s Where Silver Price Could Be Headed This Week
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