Home » Spot Silver Daily News » Spot Silver Prices – Daily Silver Price Chart 19th March 2009

Spot Silver Prices – Daily Silver Price Chart 19th March 2009

Spot Silver Prices - Daily Candle Chart 19th March

Spot Silver Prices - Daily Candle Chart 19th March

Following gold, silver traded within a big intraday range of  1.12 dollars.  Initially, technical selling was triggered as silver moved below support around $12.50 hitting a session low of $11.892 even though the Dow Jones was flat or slightly lower for much of the day. The Federal Reserve’s announcement took the market by surprise given the commitments,which changed the picture completely dragging silver higher. Compared to gold the recovery was weaker for silver which could suggest that because the white metal is also an important industrial metal, some investors are still awaiting China ’s comeback.  Under normal circumstances I would have no hesitation suggesting that yesterday’s candle has “hammered” out a bottom to the current bearish tone and would therefore suggest that prices should rise as a result.  However, these are far from normal circumstances and a closer look at the chart indicates that despite yesterday’s sharp reversal the closing price for spot silver was still below all 3 moving averages and with the 9 day crossing both the 14 and 40 the bearish tone still seems to remain in place.  This is rather at odds with what is happening in the spot gold market where prices have moved above all three moving averages.  This divergence makes forecasting a future price move extremely difficult and despite what the chart is saying it would not be a surprise to see the bearish tone continue in the trading session in spite of last night’s reversal.

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

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: $13.220 (high of 16/03/09)

Support:    $11.892 (yesterday’s low)                                   Resistance: $13.020 (yesterday’s high)