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Spot Silver 8 Nov 2010

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Spot Silver Chart 8 Nov 2010

The spot silver price surged higher on Friday once again ending as a wide spread up candle which further extended the positive picture following Thursday’s strong move for the commodity. ┬áIndeed Thursday saw a key move as it triggered a break out from the recent sideways consolidation of the past few weeks has now created a strong platform of support for a sustained move higher. ┬áIndeed silver has already broken above our end of year forecast of $26.50 per ounce and currently trades at $26.75 at time of writing. All four moving averages continue to point sharply higher and the longer term outlook for silver remains firmly bullish with the fundamental picture also providing a positive framework to the current move higher.