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Silver Trading Silver Spot 23 Sep 2010

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Spot Silver Chart 23 Sep 2010

The spot silver price climbed strongly higher yesterday once again, ending the silver trading session as a solid up candle which closed above the $21 per ounce price point at $21.16 on the day, further extending the recent bullish trend for spot silver.  The industrial metal has been helped higher by several factors, not least of which is the strong technical picture on the silver chart, with both the 9 and 14 day averages providing excellent support since the breakout in late August.  In addition, however, the metal has also seen a pull through effect from gold, which will shortly be breaking above the $1300 per ounce level, and in addition the risk on appetite in equities which has continued to drive the silver price higher as a result.   The silver price now approaching a key technical level where potential price resistance now awaits in the $21.34 price region last seen in March 2008, but provided we break and hold above this level this should provide the catalyst for a further leg up in the longer term upwards trend for silver which has seen it rise from a low of $8.46 to its current level in excess of $21 per ounce.  There is nothing to suggest on either the longer term weekly or monthly charts that this bullish trend is coming to an end any time soon.