While Silver price looks strong once we moved above 25 the worries of being overbought at this point in time likely brought some profit taking Thursday into Friday's trading. While the price volatility here appears muted compared to that of Gold or Platinum, pushing above 32.50 appears to lack much interest while overall short interest in the overbought market appears to be lackluster. The pullback on Friday appears to be conjunction with the retreat in Gold prices. There is strong initial support between 31.36~31.70 and we appear to have held this zone well on Friday. While a move higher from here looks very likely, what we are doing is providing a trade strategy for short-term market participants with a continued long bias owed simply to the fact that the short-interest seems lower at this point in time:

Support Range: 31.360~31.700

Ideal entry point: 31.70~31.935

Stop: A few ticks below 31.36

Target: 33.410

Potential profit if entry at top of range: +$7375

Potential loss if stopped: -$2,925

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