Spot Silver Prices - Silver Price Chart 6th August 2009

Spot Silver Prices - Silver Price Chart 6th August 2009

Much like gold silver prices took a bit of a breather yesterday but overall the sentiment on the silver chart still remains bullish, and in some ways, more so than gold.  Yesterday’s candle ended the trading session with a small positive body with a small upper shadow which appeared to be testing the resistance level at $15 per ounce which is now immediately ahead.  This is the start of a major area of congestion between the $15 and $16 per ounce price level and for the current rally to continue in the price of silver we will need to see a break and hold above the upper level of this price region.   With all three moving averages providing solid support and with the prospect of gold dragging silver prices higher we should see the bullish momentum continue for the next few days provided the resistance outlined above does not become an insurmountable obstacle.  The fundamental picture for silver is largely being driven by investor attitude to risk and, in particular, towards the S&P 500 and US Dollar which are inversely correlated at present.