Spot Silver Prices - 2nd February 2009 Daily Candle Chart

Spot Silver Prices - 2nd February 2009 Daily Candle Chart

Spot silver prices finished last week at the highest level they have seen since the 1st October last year, on a more subdued but steady rally, and following on the bullish tone set in the spot gold. With a bullish technical picture the precious metal is benefiting from the desire of funds to buy exchange traded commodities. Any weakness that could derive from a strong US Dollar is being offset by pessimism at the World Economic Forum in Davos which often attracts investor demand. The support level for any pullback has now been firmly established at $11.50 per ounce, and should the trend continue then the next significant resistance area is at $13.80 per ounce. If this is breached then we can expect to see a move to the next level.

The short, medium and long term trends are all bullish.

Support:    $12.455 (high of 29/01/09)                                  Resistance: $15.110 (high of 14/08/08)

Support:    $12.288 (high of 26/01/09)                                  Resistance: $14.030 (high of 28/08/08)

Support:    $12.018 (9 day moving average)                              Resistance: $13.780 (high of 25/09/08)