Spot Silver Price
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Spot Silver Price
Fri, Jul 3 2009, 09:08 GMT
by Anna Coulling
Master The Markets

Silver's reaction to the Non Farm Payroll data was somewhat more
dramatic than that of spot gold and certainly paints a more bearish
picture from a technical perspective, which is interesting, as there
seems to be some divergence between the two metals which has been
revealed in the last couple of weeks. If we consider the silver chart
first; yesterday's wide spread down bar added to the bearish sentiment
following Monday's "shooting star" doji candle which signalled the
start of this week's fall in spot silver prices. With both the 9 and
14 day moving averages now weighing heavily above and with the 40 day
having crossed and started to turn, this is most definitely a bearish
picture and somewhat at odds with that of gold. Of particular
significance is the 9 day moving average which now seems to be
providing a serious barrier to any attempt to rise, and indeed we saw
this again in yesterday's candle. The gold chart, on the other hand,
whilst bearish in flavour, certainly differs in that the general price
move is one of sideways direction but certainly not indicative of a
likely reversal lower. A reason for the apparent breakdown in the
traditional, positive correlation between gold and silver is most
likely due to the fall in equity markets combined with silver's dual
role as both an industrial and precious metal, of which the former
seems to be weighing more heavily at present. As a consequence spot
silver touched the 6th May low of $13.280 per ounce and eventually
closed at $13.40 per ounce. With the US market closed for the 4th of
July celebrations leading to very thin volumes we may see some random
sideways price action on the silver chart today.
The short term trend is bearish, the medium term trend is sideways while the long term trend is bullish.
Support: $13.280 (yesterday’s low) Resistance: $14.380 (high of 19/06/09)
Support: $13.250 (low of 06/05/09) Resistance: $14.140 (high of 30/06/09)
Support: $12.980 (low of 05/05/09) Resistance: $13.800 (yesterday’s high)
Published on
Fri, Jul 3 2009, 09:19 GMT
Archive
- Spot Silver Price
Published On Tue, Sep 15 2009, 07:30 GMT
- Spot Silver Price
Published On Sun, Sep 13 2009, 13:26 GMT
- Spot Silver Price
Published On Wed, Sep 9 2009, 12:51 GMT
- Spot Silver Trading Chart
Published On Fri, Sep 4 2009, 08:09 GMT
- Spot Silver Trading Chart
Published On Thu, Sep 3 2009, 11:14 GMT
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