Silver prices may test $20.00 this week. Prices have not been able to break above this resistance level since March 2008, however, the potential for a move higher is possible given the recent surge in investor buying.

The next resistance level to be tested may be $22.00. Unease over financial markets and economic conditions over the past couple of months has fueled investor interest in silver due to its financial traits, in particular its safe haven quality.

A round of profit-taking could push silver back toward $18.00, but investor and industrial buying should be expected if prices do head lower.

Relatively low prices have drawn increased buying interest over the past few weeks. The contract roll in the futures market in New York may provide additional support to silver prices over the next two weeks.

Combined exchange traded fund silver holdings remain at elevated levels, totaling 476.15 million ounces as of 17 June.

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