Market Analysis » daily silver price

Daily Silver Prices – Spot Market

anna — Tue, 13 Jan 2009 11:39:24 +0000

Yesterday, after a week of testing the 9 and 14 day moving averages the spot silver price broke convincingly below these indicators stopping slightly above the 40 day moving average. Like gold the white metal nosedived hit by liquidation of previous long positions amid a strong US currency and lower crude oil. It is also possible that a break below the $11.00 level made a few investors nervous who were hoping to capitalize on the perceived under priced silver compared to gold – always a dangerous assumption. Silver prices are currently trading in a narrow sideways range as I write, between $10.55 and $10.70 on the hourly chart. The short term trend is sideways, the medium term trend is bearish while the long term trend is bullish.

Support: $10.510 (yesterday low) Resistance: $11.290 (yesterday high)

Support: $10.450 (high of 24/12/08) Resistance: $11.016 (14 day moving average)

Support: $10.210 (low of 15/12/08) Resistance: $10.850 (low of 07/01/09)

Spot Silver Prices – January 2009

anna — Fri, 02 Jan 2009 09:40:45 +0000

Following spot gold, silver prices closed higher despite a stronger US dollar after slipping earlier in the day. As we mentioned in the previous post some traders consider silver underpriced in comparison to gold, with extra support possibly coming from year-end short covering. I expect that silver will remain close to gold and also linked to the story of the US currency. The short and long term trends are bullish while medium term trend is bearish.

Support: $10.720 (low of 31/12/08) Resistance: $11.595 (high of 17/12/08)

Support: $10.530 (low of 19/12/08) Resistance: $11.430 (high of 16/12/08)

Support: $10.420 (low of 16/12/08) Resistance: $11.400 (high of 31/12/08)

Silver Spot Price – December 31st 2008

anna — Fri, 02 Jan 2009 09:33:15 +0000

Adding to previous day gains daily silver prices moved higher with the technical picture now showing a crossover between the 9 and 14 day moving averages. In a day when gold declined the fact that the silver spot price not only increased, but managed to close above $11.00 level, could suggest that silver is underpriced in comparison to the yellow metal. The short and long term trends are bullish while medium term trend is bearish.

Support: $10.630 (yesterday low) Resistance: $11.430 (high of 16/12/08)

Support: $10.530 (low of 19/12/08) Resistance: $11.257 (high of 29/12/08)

Support: $10.420 (low of 16/12/08) Resistance: $11.132 (yesterday high)

Silver Prices Bullish – 30th December 2008

anna — Tue, 30 Dec 2008 10:11:32 +0000

Silver continued its upward trend, crossing above both 9 and 14 day moving averages and briefly surpassing $11.00 level. Although the recent high of $11.595 on 17 Dec this year is yet to be reached the white metal managed to outperform gold in percentage terms as some traders consider silver to be underpriced at present. Going forward market participants will continue to monitor the military action in Gaza which coupled with gold and the US dollar are likely to influence silver’s short term direction. The short and long term trends for silver prices are bullish, while medium term trend is bearish.

Support: $10.640 (yesterday low) Resistance: $11.595 (high of 17/12/08)

Support: $10.530 (low of 19/12/08) Resistance: $11.430 (high of 16/12/08)

Support: $10.420 (low of 16/12/08) Resistance: $11.257 (yesterday high)

Silver Prices Move Higher – December 29th 2008

anna — Mon, 29 Dec 2008 11:05:36 +0000

Following gold, silver prices moved higher crossing above the 14 day moving average in a market dominated by the same light trading volume. The help came from higher stock markets, crude oil prices and a modest weaker US currency, but as I have mentioned before, silver’s extra role of an industrial commodity makes the rally somewhat smaller compared to the price of gold.

The short and long term trends are bullish while medium term trend is bearish.

Support: $10.530 (low of 19/12/08) Resistance: $11.595 (high of 17/12/08)

Support: $10.420 (low of 16/12/08) Resistance: $11.430 (high of 16/12/08)

Support: $10.260 (Friday low) Resistance: $11.070 (high of 22/12/08)