Silver Spot Price 1 Dec 2009
An excellent day for spot price silver yesterday, which finally broke out of the recent sideways consolidation, surging higher on the day and ending the silver trading session at $19.08 per ounce having touched a high of $19.22 per ounce and creating a wide spread up candle which finally breached the top of the solid resistance at this level, and giving us a clear signal that we can now expect silver prices to continue moving higher in the medium term. Indeed, yesterday’s price action was also confirmed by the 9 and 14 day moving averages, which both added their weight to the move higher with strong support to the low of the day, suggesting that this move now has some way to go, and with spot gold also putting in another strong performance yesterday, the two commodities now seem to be correlating positively once again. With the break above the $18.75 per ounce level now complete, and with the potentially strong platform of price support now below, we can expect to see silver prices continue to move ahead, as we look towards our initial target for $20 per ounce in the short term and a strong end to the year for the industrial commodity.
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Support & Resistance for Spot Price Silver :
S1: 18.55 R1: 19.41
S2: 18.02 R2: 19.74
S3: 17.69 R3: 20.27
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