Daily silver prices closed marginally higher in a low volume pre-Christmas trading session managing to stay above the 9 day moving average. Initially up in line with gold as a result of dollar weakness the market was unable to hold the gains and retraced probably as a consequence of lack of interest. For the remaining part of the year the silver market is expected to get thin with the US dollar remaining its main driver.
The short and long term trends are bullish while medium term trend is bearish.
Support: $10.710 (yesterday low) Resistance: $11.595 (high of 17/12/08)
Support: $10.530 (low of 19/12/08) Resistance: $11.470 (high of 18/12/08)
Support: $10.420 (low of 16/12/08) Resistance: $11.070 (yesterday high)