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Silver Chart For 15th April 2009

Spot Silver Chart - Nymex Silver 15th April 2009

Spot Silver Chart - Nymex Silver 15th April 2009

The current technical picture for spot silver prices, is very similar to that for the price of gold for several reasons.  Firstly yesterday’s trading ended the day in a very narrow range oscillating between the 9 and 14 day moving averages, and in addition just like gold is now precariously positioned immediately below a strong level of resistance.  In the case of gold this is at $900 per ounce, and for silver is in the $12.75 region and above.  The key for silver prices moving forward and in the short to medium term will be whether this region of the chart is breached, and if so we should see a move higher to retest the $13.65 level once again and if this occurs then a reinstatement of the bullish tone of late January and early February.  Failure to breach this level may lead to a further decline in silver prices and with two of the three moving averages pointing lower this currently suggests that any short term move may occur on the downside.  My trading suggestion for today is therefore to look for opportunities on the downside by using the 10 and 30 minutes charts.

The longer term perspective is provided by the weekly chart where the picture is less than clear as the trading of the last 10 days has been confined within a relatively narrow price range between the 9 week and 14 moving averages.  The only clear signal on the chart is a bearish engulfing candle back in late February whose effect has yet to be confirmed.

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