Home » Spot Silver Daily News » Spot Silver Prices – Latest Silver Chart 15th July 2009

Spot Silver Prices – Latest Silver Chart 15th July 2009

Spot Silver Price Chart - Silver Prices 15th July 2009

Spot Silver Price Chart - Silver Prices 15th July 2009

Spot silver prices too moved higher yesterday, touching an inter day high of $13.00 per ounce on the silver chart before falling back to settle at $12.90 on the day.  This move higher was partly as a result of a rally in copper prices, which as has been said many times before, is the bellwether for the industrial metals sector and partly as a result of creeping optimism on the back of the Goldman Sach’s results.  From a technical perspective yesterday’s up candle partially confirmed the hammer candle of Monday and whilst it is still too early to say whether this reversal in the fortunes of silver prices will continue in the medium term it is certainly a positive signal, and indeed one that has followed through in early trading this morning.   This resurgence in spot silver has largely been prompted by a move lower in the Dollar Index with the daily candle breaking below all three moving averages giving the US Dollar a distinctly bearish tone so far.  For any continuation of this reversal higher into an established trend we need to see a break and hold above the 14 day moving average which may come later today, followed by a penetration of the resistance now ahead in the $13.75 to $14.25 price range and should this occur then we can say with some confidence that the recent decline in silver prices has been halted.  Any sustained rally will be largely dependent on the fortunes on the US Dollar and consequently the performance of the equity markets as they move through the earnings season.   My trading suggestion is to look for small long positions using the hourly chart.

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

Support:    $12.780 (yesterday’s low)                                   Resistance: $13.240 (high of 27/04/09)

Support:    $12.510 (low of 10/07/09)                                   Resistance: $13.150 (high of 08/07/09)

Support:    $12.430 (low of 13/07/09)                                   Resistance: $13.000 (yesterday’s high)

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