Daily silver prices fell harder than gold, closing below the 9 and 14 day moving averages although the 40 day moving average, just above the $10 price point, proved to be enough of a support level. Liquidation following US home sales data weighed on silver as well and the white metal’s role, more of an industrial commodity compared to gold only added extra pressure to the downward move in prices.
The short and long term trends are bullish while medium term trend is bearish.
Support: $10.080 (yesterday low) Resistance: $10.870 (yesterday high)
Support: $10.029 (40 day moving average) Resistance: $10.530 (high of 11/12/08)
Support: $9.637 (low of 09/12/08) Resistance: $10.471 (14 day moving average)