Following gold prices, the price of silver was slightly higher yesterday in response to a weaker US currency. The soft market seemed to indicate that participants were in no mood to commit too much before today’s US employment figures which could be the catalyst for a breakout in either direction. One interesting fact to mention according to the Silver Institute is that ‘the 2008 average silver price was $14.98, nearly a 12% increase over 2007 – the best average annual price since 1980’.The short and long term trends are bullish while medium term trend is bearish.
Support: $10.770 (yesterday low) Resistance: $11.747 (high of 05/01/09)
Support: $10.750 (low of 06/01/09) Resistance: $11.585 (high of 07/01/09)
Support: $10.540 (low of 05/01/09) Resistance: $11.330 (yesterday high)