Spot Silver Prices - Daily Silver Chart 28th April 2009

Spot Silver Prices - Daily Silver Chart 28th April 2009

An interesting day for the price of silver which initially opened the session gapped up on a “rising window” and at one point even reached an intraday high of $13.240 per ounce.  However, the session ended on a down bar as silver prices followed gold and other commodities as the dollar strengthened on fears that the swine flu epidemic, which originated in Mexico, now threatens to turn pandemic, closing the day marginally above the 40 day moving average and also the close of Friday.   Yesterday’s candle was unusual in the sense that a rising window pattern will almost always result in an up bar on the day and rarely a down bar, but given the unusual combination of circumstances including economic turmoil and a major worldwide health scare we are now entering very uncertain times which will make trading even more challenging and unpredictable.  My trading suggestion for today is to find small short positions intra day using the 15 and 30 minute charts and using very tight stop losses.

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

Support:    $12.780 (yesterday’s low)                                   Resistance: $13.360 (high of 30/03/09)

Support:    $12.675 (low of 24/04/09)                                   Resistance: $13.265 (high of 31/03/09)

Support:    $12.550 (low of 14/04/09)                                   Resistance: $13.240 (yesterday’s high)