Last Updated : 17 February 2012 at 10:20 IST
The technical picture for spot silver has been decidedly bullish since the grey metal made what seems to be a double bottom pattern on its price chart. Basically, the price of silver has fallen to a set of notable medium term lows, first at the $26.05 level on September 26th of last year, and more recently at the $26.15 level on December 29th.
The neckline of that pattern, or the intervening high point between those lows, was located at $35.66 on silver’s spot chart. That price now represents the key resistance level that the market needs to overcome to see additional strong buying pressure emerge in silver.
Nevertheless, silver is currently range trading just below that neckline level within a short term consolidation period, although its prevailing upward trend is still expected to reassert itself eventually.
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