Spot Silver Price Chart - Daily Silver Prices 1st June 2009

Spot Silver Price Chart - Daily Silver Prices 1st June 2009

The spot silver price continues to track the gold bull run as many traders and investors turn to commodities both as an inflation hedge and safe haven.   In addition the perception that spot silver is undervalued compared with gold has recently helped silver to outperform gold in percentage terms and silver prices gained an impressive 54 cents on Friday to settle at $15.740 reaching yet another record high for 2009.  From a technical perspective Friday’s wide spread up bar continued the upwards momentum adding further to the bullish tone and with all three moving averages pointing sharply higher we should see the $16.75 price point reached relatively quickly before we run into heavy resistance on the daily silver chart.

The short, medium and long term trends are bullish.

Support:    $15.130 (Friday’s low)                                      Resistance: $16.210 (high of 08/08/09)

Support:    $14.620 (low of 28/05/09)                                   Resistance: $16.000 (psychological level)

Support:    $14.540 (low of 25/05/09)                                   Resistance: $15.760 (Friday’s high)