Silver closed the week at 18.43$, which is also up from last week’s 17.74$. The up move up in Silver ran into technical selling at 18.63$, which represents 50% of the previous drop and 23.6% of the three month range. We suggest Silver is a sell while the previous multiple high of 18.88$ holds.

The Gold-Silver ratio dipped during the week to 66.05, from last close of 66.60. The ratio appears to be a buy on dips while 65.07 holds, with expectation of a move back toward the May high 68.34. Now support for the silver is seen at 29227 and below could see a test of 29184. Resistance is now likely to be seen at 29302, a move above could see prices testing 29334.

Trading Ideas:

Silver trading range is 29184-29334.

Silver on Saturday settled positive on slight covering ahead of US holiday on Monday

Silver is taking resistance at 29360 and support is at 29110.

Holdings at ishares silver trust rose by 67.05 tonnes to 9258.42 tonnes

BUY SILVER JUL @ 29100-140 SL 29000 TGT 29245-29300-29380-29465.MCX