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Spot Silver 16 aug 2010

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Spot Silver Chart 16 Aug 2010

Spot silver continues to consolidate in a narrow trading range as we wait for the industrial metal to follow its more illustrious cousin, spot gold, higher.  Friday’s price action ended as a narrow up candle, but one with a deep lower wick suggesting a degree of positive sentiment as silver bulls pushed the spot silver price higher from the low of the day at $17.95 per ounce to close above the $18 per ounce price handle once again.  With all three short term moving averages now tightly bunched it is difficult to draw any firm conclusions from these technical indicators other than to note that the 200 day moving average continues to provide a solid platform of support for the longer term.  For the short term we need to see a sustained break above $18.68 per ounce and once this level has been breached then $19.23 then becomes our next target followed by $19.45 and thereafter $19.81 per ounce in a series of steps higher.  The longer term outlook remains firmly bullish, as indeed for gold, and as such we need to wait for a reinstatement of the positive correlation between the two metals which should see silver follow gold higher in due course.

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