Silver Spot Price 25 Jan 2010

Silver Spot Price 25 Jan 2010

Spot price silver prices ended the trading week in a strongly bearish mood, following the wide spread down candle of Wednesday which first signalled the change in sentiment. Friday’s wide spread down candle further confirmed the move closing well below all three short term moving averages and marginally above the $17 per ounce price point. This bearish view is further confirmed by the 9 day moving average which is now crossing below the 14 day moving average adding further to the bearish picture with a bear cross. However, before silver bulls become too despondent it should be noted that since October we have had several attempts to both rise and fall all of which have reversed relatively quickly and the present price action could simply be another in the recent wave. With price support apparent in the $16.80 per ounce price region this could provide the foundation necessary for a move higher once again.

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Support & Resistance for Spot Price Silver : (Daily)

S1:   16.73     R1:   17.37

S2:  16.47     R2:  17.75

S3:  16.09    R3:  18.01