Silver Trading Chart 14 June 2010

Silver prices largely consolidated sideways last week in the 18.30 per ounce region following the sharp sell off and recovery of the previous week and ended trading in a relatively narrow range between 3 of our short term moving averages.  However, the lows of each day found good support from the 14 day moving average suggesting a bullish tone to silver trading at present and indeed so far this morning silver prices are trading higher at $18.45 per ounce.  Provided we see a break and hold above $18.70 then the recent positive sentiment for silver prices should be further confirmed and as a result we can expect to see a further run towards the recent high in May of $19.80 per ounce.  With this morning’s price action now above all 4 moving averages the short term outlook remains positive.

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