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Future chart silver analysis 2010

December silver futures took a breather yesterday, closing marginally lower on the day with a narrow spread down candle which ended the silver trading session holding above the $23 per ounce level, having just failed to breach the $23.50 per ounce price handle on the day. Despite the minor retracement of the last two days, the longer term outlook for silver remains heavily bullish with both the 9 and 14 day moving averages providing excellent support to the upwards trend along with the 40 day moving average which is also pointing sharply higher. Last week’s bounce from the 9 day moving average provided further evidence of the bullish sentiment, as we continue to see silver benefit from investor appetite for safe haven assets, along with the pull through effect from gold.

The commodity was given a further boost yesterday with the release of the FED minutes which essentially confirmed that a further round of quantitative easing would be implemented within the next few weeks, and as such we can expect to see silver futures continue to gain, as we look towards an initial target of $26.50 per ounce and beyond by the end of the year. The positive tone has continued in early trading this morning with the the December contract trading higher once again at $23.48 just off the high of the session at 23.61 per ounce.future