Silver Spot Price 7 Dec 2009
The spot price silver chart replicated that of gold yesterday, ending the trading session with a hammer candle with a deep lower shadow, suggesting that the sell off over the last few days has now come to an end, and as a result we can expect to see silver prices move higher from here once again. Indeed this analysis is further confirmed by the low of the day which seemed to find some solid support from the 40 day moving average, a very positive technical signal, which also suggests that the move lower has now run out of steam, and in the next few days we should see silver prices stage a recovery and move back to retest the $19 per ounce level in due course. Naturally this will be confirmed once we see a break and hold above the 9 and 14 day moving averages which I expect to see in due course.
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Support & Resistance for Spot Price Silver :
S1: 17.88 R1: 18.52
S2: 17.54 R2: 18.82
S3: 17.24 R3: 19.16
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