Daily spot silver prices closed modestly higher on Friday, even as the spot gold price moved lower and the US dollar continued its upward trend, possibly on relief that payrolls data was broadly in line with expectations. As I mentioned before, long positions in silver have not built up as rapidly as in gold, so now the white metal sees less liquidation pressure. In addition many traders entertain the idea that silver is somewhat underpriced compared to gold adding to the speculation in the silver market. The short and long term trends are bullish while medium term trend is bearish.
Support: $10.950 (Friday low) Resistance: $11.747 (high of 05/01/09)
Support: $10.770 (low of 08/01/09) Resistance: $11.600 (Friday high)
Support: $10.540 (low of 05/01/09) Resistance: $11.400 (high of 31/12/08)