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Spot Silver Market Analysis 29 Sep 2010

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Spot Silver Chart 29 Sep 2010

Spot silver surged higher yesterday once again, extending the bullish rally ever higher and ending the silver trading session as a wide spread up candle on the daily chart, closing just below the psychological $22 per ounce price handle.  This bullish momentum has continued in early silver trading this morning with spot silver climbing higher as a result and at time of writing has just failed to breach the $22 per ounce level once again, just pulling back to $21.79 per ounce.  The bullish momentum continues to find excellent support from the 9 day moving average, and indeed this was a feature in yesterday’s trading session as the commodity probed lower in early trading only to find a platform of support from the short term moving averages.  Below this the 14 day average continues to provide a second level of defence with the 40 day also pointing sharply higher.  The longer term outlook for silver remains firmly positive with the monthly chart supporting this view having broken above the $21.34 high of 2008 to trade at the current level.