Silver ended higher with gold prices, although the metals did pare some gains as participants booked profits from the recent strong up move.
The gains in the metals came on continued dollar weakness. Silver opened at 28134 on MCX and ticked lower as the day began. It continued to retreat but later managed to find support near 28380 before good buying took it higher.
The metal rallied to an intraday high of 28688 but could not sustain this level as it followed weaker equity markets lower. It traded within a range when profit taking pulled it down and finally settled at 28227.
Now support for the silver is seen at 27943 below could see a test of 27658. Resistance is now likely to be seen at 28600, a move above could see prices testing 28972.
Trading Ideas:
SILVER TRADING RANGE IS 27750-28600.
SILVER AS PER EXPECTATION PARED ITS GAINS LATER ON PROFIT BOOKING
BUY SILVER DEC AT 28080-28130 SL 27980 TGT 28200-28280-28365-28470.
SILVER IS HAVING SUPPORT AT 18.36$ AND RESIST AT 18.74$.
PRICES CLOSED NEARER THE SESSION LOW, BUT DID HIT A FRESH 16-MONTH HIGH AT $18.51 AN OUNCE.
