Home » Spot Silver Daily News » Spot Silver Daily Prices – February 9th 2009

Spot Silver Daily Prices – February 9th 2009

Spot Silver Prices - Daily Candle Chart 9th February 2009

Spot Silver Prices - Daily Candle Chart 9th February 2009

Spot silver prices made new recent highs on Friday outperforming spot gold, breaking and more important holding above the $13.00/oz target level. It is interesting to note that there seems to be a divergence between gold and silver from a technical perspective at the moment. As you will see from the gold chart for today, I have suggested that we may see gold prices fall in the short term following the bearish signal of a few days ago. However this is not the case in the spot silver chart. Friday saw another wide spread up bar, and spot silver prices look set to rise further today. The move was a follow up of the investor’s optimism about the US stimulus package which is perceived as a demand booster not only in silver but the whole industrial metal spectrum. So it was no surprise that the white metal escaped the profit taking that hit gold with the silver market participants deciding to ride the upward trend further.

This reinforces the point that silver is no longer classified as a precious metal, but an industrial one, and therefore in any trading analysis we always have to bear this in mind. As you will see I have suggested small short trades for spot gold today, and based on the chart, I would suggest that small long positions are the order of the day for silver – a contradiction I know, but this is what the charts are suggested based on the last few days. Stop losses should be below the $12.25 region, as if gold prices do fall today, this could drag silver prices lower.
The short, medium and long term trends are all bullish.

Support:    $12.740 (Friday’s low)                                      Resistance: $13.780 (high of 25/09/08)

Support:    $12.690 (9 day moving average)                              Resistance: $13.390 (high of 29/09/08)

Support:    $12.398 (14 day moving average)                             Resistance: $13.203 (Friday’s high)