spot silver

Spot Silver Chart 4 Oct 2010

Spot silver continued the positive sentiment of the last few weeks once again on Friday ending as a wide spread up candle which touched an intra day high of $22.13 per ounce before closing marginally lower but still below the psychological level $22 per ounce level once again.  The industrial metal was helped higher once again both by continued buoyancy in the equity market, coupled with the pull through effect from gold which, like silver, continues to develop its bullish trend into new high ground.  The move higher in spot silver is fully supported by both the 9 and 14 day moving averages, with the 9 day in particular, offering strong support during any minor pullback.  Below this, the 40 day average, is also pointing sharply higher and with the 200 day moving average also trending upwards the longer term outlook for spot silver remains firmly bullish.   From a technical perspective there is not reason why spot silver should not continue to move higher in the short term and extend the current rally further.

Silver will outperform gold