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

If you are considering trading the silver markets it is essential to use the best trading platform, and in my view there is only one worth considering, and that’s Metatrader 4.  As one of the most advanced, yet intuitive, trading platforms available MT4 offers sophistication combined with simple order entry, execution and stop loss management and can be used with a host of expert advisors.   The MT4 platform from ODL offers all the above so why not download your free demo copy of the metatrader 4 software by clicking on the following link, download metatrader free, and get
started today.