Silver Spot Price 16 Nov 2009

Silver Spot Price 16 Nov 2009

A seminal day for spot price silver yesterday, when at last we received the long awaited breakout signal, with prices ending the silver trading session with a wide spread up candle, which broke well above the recent sideways price congestion, and ending the session above the $18 per ounce level to boot. The move higher was given additional impetus from the 9 day moving average which provided a platform to the low of the day, suggesting that this bullish breakout is now firmly established, and with the deep potential support region now sitting below, we can look forward to a period of sustained upwards price action for silver in due course. However, for complete comfort it will be nice to see the $18.50 per ounce price level breached, which marks the upper level of the current price resistance which has been provided such a solid barrier over the last few months, and should we see this achieved following yesterday’s breakout, then we can look forward to a continuation of the bullish trend of the last few months, with spot gold now pulling the industrial commodity higher as it breaks into new high ground.

Support & Resistance for Spot Price Silver:

S1:  17.78    R1:  18.64

S2:  17.24    R2:  18.96

S3:  16.92    R3:  19.50

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