Home » Silver futures trading » Silver Futures Market 1 Sep 2010

Silver Futures Market 1 Sep 2010

Following the breakout of last week which saw silver futures breach the upper price band of the recent sideways trend at $18.65 per ounce, this upwards bullish momentum has continued apace this week with yesterday’s wide spread up candle further accelerating the silver price. ¬†Today’s price action for silver futures has been somewhat more muted and confined to a narrow trading range with the September contract failing to rise beyond $19.35 per ounce and giving us as a result a small doji candle. ¬†However, yesterday’s candle also broke through the potential resistance in the $19.20 per ounce region, further emphasising the bullish sentiment in the silver market at present and with all three short term moving averages now pointing sharply higher we can expect to see silver futures breach the $20 per ounce price handle in due course, particularly if gold continues to climb and move to fresh highs later in the month.