spot silver

Much the same as for spot gold, spot silver remains firmly bullish in the longer term but with bearish sentiment clearly evident both intra day and on the daily chart.  The industrial metal is currently trading at a delicate point, perched neatly on the 200 day moving average which to date has prevented any deeper move lower developing as we currently trade in the $17.63 price region.  This indicator is now providing a critical barrier and should it fail to hold then we should expect to see a re-test of support at the $17.50 per ounce where deep and sustained price consolidation awaits.  The 9 day moving average is now below the 40 and with the 14 day about to follow suit this is providing confirming of the short term bearish picture.  In the longer term we can expect to see the metal move back above $19.50 per ounce in due course and push higher once again $20 per ounce in the medium term.

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