Spot Silver Price Chart - Latest Silver Prices 18th June 2009

Spot Silver Price Chart - Latest Silver Prices 18th June 2009

Spot silver prices followed spot gold prices on the back of a weaker US Dollar and managed to close the day 23 cents higher at $14.377 per ounce.  Yesterday’s candle on the silver chart provided a note of optimism for silver traders for two reasons: first the bar closed the day with a deep lower shadow which found support at the $14 per ounce price level and subsequently rebounded during the latter part of the silver trading session and, secondly the 40 day moving average, as with gold, seems to be providing a degree of support as prices consolidate in this region.   Naturally we need to remain cautious as silver prices are delicately balanced at present but both these signals could suggest that the price of silver may find a platform at this level from which to rebuild a bullish trend. The key to any longer term move higher will be twofold: firstly a break and hold above the resistance now in place at $15.40 and secondly, a move fully supported by all three moving averages.

The short and medium term are sideways while the long term is bullish.

Support:    $13.930 (yesterday’s low)                                   Resistance: $14.830 (high of 22/05/09)

Support:    $13.830 (low of 12/05/09)                                   Resistance: $14.550 (high of 21/05/09)

Support:    $13.710 (low of 14/05/09)                                   Resistance: $14.400 (yesterday’s high)