spot silver

Spot Silver Chart 18 Oct 2010

Spot silver just failed to breach the $25 per ounce last week, ending the silver trading session on Friday at $24.26 per ounce, short of the $24.88 high of Thursday and giving us a narrow spread down candle as a result.  Spot silver prices have reflected the general mood for commodities which have all exhibited a minor pullback as a result of a more positive sentiment towards the US dollar.  However, this now appears to have dissipated as markets return to the status quo, with spot silver bouncing off the 9 day moving average as a result.  As such, this once again confirms the bullish picture for silver and with all four moving averages pointing sharply higher we can expect to see the commodity move higher later in the week to breach the $24.88 per ounce price handle, which will then provide a minor platform of support for a further leg up to our initial target of $26.50 per ounce.