silver spot

Silver Trading Chart 25 Aug 2010

The spot silver price continue to trade in a narrow price band  with yesterday’s wide spread up candle pushing the industrial metal back above the $18 per ounce level once again and firmly above all four moving averages as a result.  This positive momentum has continued in the early silver  trading session this morning with silver prices currently above the $18.60 per ounce price handle, breaking above the resistance area created over the last few months at this level.  Should this pattern continue later today and we end the silver  trading session with a hold above this region, then this could provide us with a strong trading signal the  imminent break out to the upside that we have outlined in previous silver market commentaries.  However, any initial move higher will need to breach the $19.2 price area and if this is cleared then $19.80 becomes the next logical target.
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