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Spot Silver 1 Dec 2010

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Silver Chart 1 Dec 2010

Spot silver prices mirrored the gold price ending as a wide spread up candle which finally broke out of the recent sideways consolidation and closed fractionally above the $28 per ounce level at $28.036.  As such this has now given us a clear trading signal and we can expect to see the industrial metal continue its recent long term bullish trend, and indeed in early trading this morning this positive sentiment has continued, with spot silver trading at time of writing at $28.49, and now looking set to take a run towards the high of early November in the $29 price region.  All four moving averages remain firmly supportive of the trend and with the 9 day now having crossed back above the 14 day average this is confirming the bullish sentiment once more, and with both the 40 and 200 day also pointing firmly higher the longer term outlook remains strongly bullish.