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Spot Silver Chart – 16th March 2009

Spot Silver Daily Chart - 16th March 2009

Spot Silver Daily Chart - 16th March 2009

Unlike spot gold which retraced from the intraday highs, spot silver managed to hold onto its gains on Friday, closing the day with a wide spread up bar which finished above all three moving averages.  Despite this we have seen the price of silver open gapped down this morning in early trading.   The chart shows silver rising 26 cents to settle at $13.170/oz with the market closing above all three moving averages. The upward move in silver was seen as a surprise by some investors given the recent rally in stocks.   Previously, sell offs in equities had drawn buying into silver along gold and vice-versa.  It may well be that  as the markets contemplate the chance of further policy stimulus in China this could provide a huge boost for all the metals. Given the opening this morning my suggestion is to wait for later in the morning before entering any long trades. The trend in spot silver prices is reflected in the COT index this week which which has just been updated.

The short term trend is bearish while medium and long term trends are bullish.

Support:    $12.880 (Friday’s low)                                      Resistance: $13.410 (high of 09/03/09)

Support:    $12.640 (low of 12/03/09)                                   Resistance: $13.312 (high of 05/03/09)

Support:    $12.490 (low of 11/03/09)                                   Resistance: $13.170 (Friday’s high)