In the face of a weaker US currency spot silver prices also fell yesterday although the decline was less than gold in percentage terms. The price of silver has not seen the same big rallies as gold in the last few weeks which suggests there’s less selling potential in the case of a pullback. In addition, as I mentioned before some traders think that silver has been left behind by gold lately so this race to catch up is drawing in extra buying. The short and long term trends are bullish while medium term trend is bearish.
Support: $10.850 (yesterday low) Resistance: $12.080 (high of 08/10/08)
Support: $10.750 (low of 06/01/09) Resistance: $11.747 (high of 05/01/09)
Support: $10.540 (low of 05/01/09) Resistance: $11.585 (yesterday high)