Spot Silver Prices - Daily Candle Chart 13th February 2009

Spot Silver Prices - Daily Candle Chart 13th February 2009

Spot silver prices took a ‘breather’ yesterday after the healthy bull run seen recently, and we could see a fall in prices today, following the doji candle in the daily chart, which is also reinforced by the fact that we have a shooting star candle in the spot gold price chart. Prices went higher than the day before, reaching $13.750/oz silver, but then closed near flat losing just 2 cents for the day. As the spot silver price is also influenced by industrial demand, the metal lagged gold as the economic outlook continues to be poor. My suggestion for today would be to step aside as we are approaching the weekend with traders squaring positions, and in addition we have the G7 meeting in Rome, so I would suggest taking any profits off the table, and waiting for the signal from today’s charts before opening new positions on Monday. Have a great weekend and I will be back on Monday.

The short, medium and long term trends are all bullish.

Support:    $13.300 (yesterday’s low)                                   Resistance: $13.910 (high of 29/08/08)

Support:    $13.092 (low of 11/0/2/09)                                  Resistance: $13.780 (high of 25/09/08)

Support:    $13.024 (9 day moving average)                              Resistance: $13.750 (yesterday’s high)