Spot Silver Prices Today - Cande Chart 30th January 2009

Spot Silver Prices Today - Candle Chart 30th January 2009

As with the spot gold price, we had an excellent buying signal in the daily charts with the bullish engulfing candle of yesterday, with prices now set to move in an upward trend. In addition the move was supported by a bounce off the 9 day moving average, so this adds some weight to the move. Over the last few weeks, silver has followed a far more orderly trend than gold from the lows of $9.00 and looks set to target the psychological $13.00 mark. Silver suffered yesterday as a result of the profit taking in gold, but soon bounced along with the yellow metal in later trading. More importantly spot silver continued running up making fresh highs not seen since early October. The only issue for today is that of traders squaring positions for the end of the week and the month, which may give us a clue to the sentiment for the longer term

The short term trend is up, the medium term trend is sideways while the long term trend is bullish.

Support:    $11.747 (high of 05/01/09)                                 Resistance: $12.990 (high of 01/10/08)

Support:    $11.600 (high of 09/01/09)                                 Resistance: $12.510 (high of 02/10/08)

Support:    $11.419 (9 day moving average)                             Resistance: $12.455 (yesterdays high)