After finding support near the $22 per ounce level late last month, silver rallied more than 20% throughout December to reach over $27.50, before pulling back to the $25 area on Tuesday.

The industrial metal is down over 3.29% on Tuesday, dragging down the iShares Silver Trust (SLV) a similar percentage, as the holiday week continues, but could present an opportunity for precious metals buyers who foresee a run higher.

According to Christopher Lewis of fxempire.com, there could be significant support for silver as it potentially makes its way above the $30 per ounce level.

“The market has recently broken out of a four dollar range, and therefore it would extrapolate towards a move near the $32 level. Obviously, there are a lot of resistance areas between here and there, so that is a longer-term call more than anything else,” Lewis wrote.

He added,” I have no interest in trying to short silver because it has such bullish pressure underneath.”

Silver markets have been very volatile during the trading session on Tuesday as a result of anemic holiday volume, as investors prepare to take time off. Such thin volume frequently generates dramatic swings in both directions, as there are no major players to stabilize the market.

Lewis noted that “The market does seem to have support underneath, especially near the $26 level and the 50 day EMA which sits right around the $24.50 level. Ultimately, I think that short-term pullbacks will probably continue to be bought into, as the market could go looking towards the $28 level eventually.”

Investors and traders are still smarting from the precarious news that a new and more contagious strain of the coronavirus emerged in the U.K. The new variant has prompted a plethora of European countries to institute more stringent travel restrictions on visitors from the U.K., while leader like New York Governor Andrew Cuomo is asking for the U.S. to do the same.

Although scientists say there is no evidence that the new Covid strain is more virulent, Prime Minister Boris Johnson claimed it could be up to 70% more contagious than others, and the health secretary explained it was “getting out of control.”

As a result of the new strain, at least 40 countries including the entire European Union and Canada have halted incoming travel from the U.K. for the time being.

Health pundits, including the World Health Organization, feel that the current vaccines from Pfizer and Moderna will be effective against both strains, which should allow the stabilization of markets.

″[The] new COVID-19 variant [is]unlikely to impact near-term therapeutics, return to normal,” Geoff Meacham, Bank of America research analyst said in a note, we don’t expect this new variant to derail ongoing treatment efforts — including vaccines.”

For investors looking to use ETFs to trade precious metals, Aberdeen has quite a collection. Aberdeen’s suite includes the Aberdeen Standard Gold ETF Trust (SGOL), which comes with a 0.17% expense ratio, and the Aberdeen Standard Physical Silver Shares ETF (SIVR),  which has a 0.30% expense ratio. Additionally, the Aberdeen Standard Physical Precious Metals Basket Shares (NYSEArca: GLTR), which has a 0.60% expense ratio, is a cornucopia of metals including gold, silver, platinum, and palladium.

For more market trends, visit  ETF Trends.