Following gold, the daily spot price of silver was initially weaker but then staged a late session rally to close higher as the US dollar gave back some of its early gains. The chart shows an inside day pattern which suggests that silver held up better than gold with a possible explanation being that the long positions in the silver market have not built up as rapidly as for gold. Poor economic conditions add extra pressure on silver investors since it has more industrial applications than gold. The short and long term trends are bullish while medium term trend is bearish.
Support: $10.750 (yesterday low) Resistance: $12.080 (high of 08/10/08)
Support: $10.540 (low of 05/01/09) Resistance: $11.747 (high of 05/01/09)
Support: $10.420 (low of 16/12/08) Resistance: $11.540 (yesterday high)