Spot Silver Chart 11 May 2010

Since my last post on 4th May when I fully expected spot silver prices to continue their bullish momentum the price promptly collapsed it now seems the silver market has been in the clutches of J P Morgan who have been accused of market manipulation and now being investigated by both the CFTC (the Commodities Futures Trade Commission) who  is looking into civil charges, and the Department of Justice’s Antitrust Division which is handling the criminal probe.  Interesting times indeed!  However, despite the pullback the spot price of silver held and following 2 hammer candles the price has resumed its upwards momentum with today’s trading taking the price beyond the $19 per ounce price handle and towards the resistance at $19.44.  A break and hold above this should signal a run to the 2008 high of $21 dollars.

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