silver market price

Silver Price Chart 29 Oct 2010

The silver spot price continued to recover in yesterday’s silver trading session ending as a relatively narrow spread up candle but one which closed above all four moving averages once again confirming that the recent short term re-tracement for the metal is now over as we begin to build bullish sentiment once again.  This positive sentiment for the metal has spilled over into this morning’s early trading with the silver spot price currently breaking back above $24 per ounce to trade at $24.13 at time of writing.  A particularly interesting feature on the daily silver price chart is the fact that in the last six days each trading session has been marked by a series of higher lows, adding further weight to the bullish picture and once the 9 day moving average has recrossed above the 14 day then this technical picture will be complete.  From here expect to see the silver spot price run towards a test of the $24.88 high of early October and from there build a platform towards our end of year target of $26.50 per ounce.  The longer term moving averages continue to provide excellent support with the 40 day having remained unbroken in the recent short term pullback, and with the 200 day inclining upwards this all adds to the positive view at present.