Silver Spot Price - Daily Spot Silver Prices Chart 15th May 2009

The following silver commentaries are combined owing to problems with the internet and cover both Wednesday’s
and Thursday’s silver trading.

After reaching a new recent high at $14.380/oz last seen on Feb 24th silver fell back on Wednesday with pressure
coming from a stronger US dollar and weaker industrial metals, especially copper.   The downward move was
partially attributed to an ongoing conference of mining executives in Spain who cautioned against undue optimism that demand for industrial metals and others would recover quickly as world economies bottomed out. Silver prices are particularly sensitive to any such comments given its status as both a safe haven and its use in many industrial processes, and consequently it fell more in percentage terms, than spot gold prices yesterday as is often the case.  Overall spot price silver dropped 35 cents to finish at $13.930/oz.

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

Support:    $13.870 (yesterday’s low)                                   Resistance: $14.610 (high of 20/02/09)

Support:    $13.670 (low of 11/05/09)                                   Resistance: $14.400 (high of 19/02/09)

Support:    $13.590 (low of 23/03/09)                                   Resistance: $14.380 (yesterday’s high)

Thursday’s Commentary:

During a quiet silver trading session silver prices did manage some small gains moving up 9 cents to finish at $14.030 per ounce, after recovering from a move lower during the trading session, finishing the day with a deep
lower shadow suggesting that we could see a bullish move higher in today’s trading session.  Silver prices were also
given a small boost by a weaker US Dollar and some inflationary worries on the back of worse than expected
producer prices data.   From a technical perspective all three moving averages are now pointing higher and with the 9 and 14 day having crossed, coupled with the low of yesterday bouncing off the 9 day moving average, this all
now indicates a bullish picture for today, and my silver trading suggestion is to look for small long positions on an
inter-day basis aiming for small profit targets and with a stop loss below $13.65.  My initial target is as of the last few days as we look to clear $14.50 per ounce and should this be achieved then we could see a sustained move
higher in due course.

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

Support:    $13.710 (yesterday’s low)                                   Resistance: $14.400 (high of 19/02/09)

Support:    $13.670 (low of 11/05/09)                                   Resistance: $14.145 (high of 07/05/09)

Support:    $13.590 (low of 23/03/09)                                   Resistance: $14.090 (yesterday’s high)