Spot Silver Prices Daily Chart - January 27th 2009

Spot Silver Prices Daily Chart - January 27th 2009

Along with gold , daily spot silver prices held up well and pushed up to make fresh highs. Both the metals are trading in tandem and silver is benefiting from the safe haven status along with oil and other commodities. The charts are still pointing to the new potential trading range for silver of $11.50 – $14.00 which I mentioned in yesterday’s post. The only slight concern I have for today is based on yesterday’s candle, a shooting star, which could be the first signal of a short term reversal in the trend. In addition the candle is gapped up, which adds weight to the candlestick, so I would suggest you trade with caution today, if attempting long positions. In the short term it may be better to wait for a day or so, and then buy into any down move in spot silver prices.

The short term trend is up, the medium term trend is sideways while the long term trend is bullish.

Support:    $11.747 (high of 05/01/09)                                  Resistance: $12.510 (high of 02/10/08)

Support:    $11.600 (high of 09/01/09)                                  Resistance: $12.320 (high of 12/10/08)

Support:    $11.419 (9 day moving average)                             Resistance: $12.288 (yesterdays high)