Home » Spot Silver Daily News » Spot Silver Price – Daily Silver Chart 12th June 2009

Spot Silver Price – Daily Silver Chart 12th June 2009

Silver Spot Prices - Daily Silver Chart 12th June 2009

Silver Spot Prices - Daily Silver Chart 12th June 2009

A combination of a weaker US dollar and increasing optimism about industrial demand once again provided support for spot silver prices which ended the day 17 cents higher at $15.390 per ounce and in percentage terms once again outperformed spot gold.  The current rally in silver prices mirrors similar bullish sentiment in other commodities such as oil where despite the somewhat bleak fundamental picture, investors appear determined to maintain the upward trend across the commodities market.  From a technical perspective the silver chart is very similar to that of gold in that prices are consolidating in a very narrow range.  The only minor difference between the two is that the price of silver has shown a marginally more bullish trend on the week with candles that are slightly more descriptive (gold has had a series of doji candles which are indicative of indecision and sideways movement).    Yesterday’s candle was typical with a small increase on the day closing marginally below the 9 day moving average but with a deep lower wick which seems to have found some support on the 14 day moving average and with each day’s candle having a low which is higher than the previous day, again suggesting a bullish flavour.  However, today is not a day for trading for several reasons.  First it is the end of the week and many traders will be squaring positions ahead of the weekend.  Second we have the G8 finance ministers’ meeting in Italy where unprompted off the cuff remarks will be seized on by the markets, and all the markets are now waiting for this meeting to unfold so today is likely to be characterized by a further period of consolidation and sideways movement.

The short term is sideways while the medium and long term is bullish.

Support:    $14.930 (yesterday’s low)                                   Resistance: $15.950 (high of 04/06/09)

Support:    $14.760 (low of 09/06/09)                                   Resistance: $15.760 (high of 29/05/09)

Support:    $14.620 (low of 28/05/09)                                   Resistance: $15.532 (yesterday’s high)