Spot Silver Prices Daily Chart - Silver Price 22nd April 2009

Spot Silver Prices Daily Chart - Silver Price 22nd April 2009

Just as yesterday’s fantastic football match between Liverpool and Arsenal ended in a draw with 4 goals apiece, this was much like the struggle between the bulls and bears in the silver market, which also ended unresolved, despite equity markets turning higher in late trading.  From a technical perspective spot silver prices still remain below all three moving averages and yesterday’s doji candle did little to suggest that this trend is likely to be broken in the short term.   Whilst the price of silver managed to remain above the psychological $12 per ounce level this is hardly a strong signal on its own and with the 9 and 14 day averages now converging, and a series of lower highs and lower lows evolving we could be witnessing the start of a longer term downwards trend.  However, for this to be confirmed we will need to see a decisive break below $11.50.   My trading suggestion for today is to step aside given the lack of any clear signals at present in the daily silver chart.

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

Support:    $11.882 (yesterday’s low)                                   Resistance: $12.485 (high of 08/04/09)

Support:    $11.790 (low of 17/04/09)                                   Resistance: $12.312 (9 day moving average)

Support:    $11.637 (low of 29/01/09)                                   Resistance: $12.250 (yesterday’s high)