Silver ended the week reaching its all time high due to pick up in demand in the spot market. Firming trend in overseas markets further fuelled the uptrend. Silver, on the Monthly chart, is showing its third strong up candle off 28650. The Weekly chart shows its 8th up week in the past 10 sessions at current 37105. We are close to the 2010 high of 36937. Risk is for an extension higher in the metal considering the rejection off week’s low of 35169. We seem to be experiencing a 'melt up' in the price of Silver. The Gold Silver ratio is completing its fourth consecutive down session. The move started at 68.35 and has dropped to current 55.11. Support is seen at 53.28 from resistance back in 2008. Now support for the silver is seen at 36906 and below could see a test of 36706. Resistance is now likely to be seen at 37249, a move above could see prices testing 37392.

Trading Ideas:

Silver trading range is 36706-37392.

Silver ended the week reaching its all time high due to pick up in demand

Silver is having resistance at 37250 and support at 36960 level.

Holdings at ishares silver trust fell by 39.54 tonnes to 10141.92 tonnes