Home » Silver trading » Silver Spot Price Analysis 16 Nov 2009

Silver Spot Price Analysis 16 Nov 2009

Silver Spot Price 13 Nov 2009

Silver Spot Price 13 Nov 2009

Whilst gold continued to surge ever higher, spot price silver continues to try to battle its way through the deep and solid resistance immediately ahead, and indeed as I outlined some time ago, the pull through effect from spot gold seems to be having little effect on spot silver, with the disconnect between the two commodities now self evident. Technically the picture for each is very different, with gold continually making new highs  in a strong trending pattern, whilst spot silver on the other hand remains water logged in the current price region. With the moving averages now tightly bunching it it impossible to deduce anything meaningful from these indicators at present, leaving us with the potential support and resistance areas as our key to the future for spot silver prices, with the upper and lower levels now set at $18 and $16 respectively. Only a break and hold above or below these levels will indicate a confirmed move, and until we see one of these price level broken, forecasting the direction for spot silver in the short term is very difficult.

Suppor  Resistance for Spot Price Silver:

S1:  17.13     R1:  17.55

S2:  16.86    R2:  17.70

S3:  16.71    R3:  17.97

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