Silver Spot Price 30 Nov 2009

Silver Spot Price 30 Nov 2009

A messy trading picture for spot price silver, which closed the trading session marginally higher yesterday, following the strongly bearish signals of the end of last week.  However, the move higher lacked any conviction or strength, although the 14 day moving average seemed to provide some support to the move, but equally one could argue that the 9 day moving average provided resistance! All in all a difficult period at the moment for trading silver, and until we see a break above the current sideways price action, which I believe will come in due course, then we are destined for a further period of sideways movement until the $18.70 to $19.00 per ounce price region in breached which will then signal a clear return of bullish sentiment, and he prospect of a continuation of the rally of the last few months.

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Support & Resistance for Spot Price Silver :

S1:  18.22    R1:  18.66

S2:  17.93    R2:  18.81

S3:  17.78   R3:  19.10