Silver Spot Prices - Daily Candle Chart January 29th 2009

Silver Spot Prices - Daily Candle Chart January 29th 2009

Spot silver prices experienced a fall due to profit taking yesterday, as did spot gold, but technically is holding support levels well. The $11.50 area is still providing good support and if held again the technical indicators are pointing to an eventual test of $14.00. In the last three days we have seen a classic reversal top pattern in the candlesticks, starting on Monday with the shooting star, followed by the spinning top, and finally completed yesterday with the down bar. For short term intra day trading, this suggests a possible down day today, and the strength of the move will largely be dictated by support at the $11.40 region.

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

Support:    $11.747 (high of 05/01/09)                                  Resistance: $12.510 (high of 02/10/08)

Support:    $11.600 (high of 09/01/09)                                  Resistance: $12.288 (high of 26/01/09)

Support:    $11.419 (9 day moving average)                             Resistance: $12.177 (yesterdays high)