Silver gained from its lows to end in positive zone with copper prices as the U.S. dollar weakened. The precious metals often trade in tandem for similar investment reasons. Silver also has more of an industrial component than gold, which causes it to sometimes track with copper prices. A more constructive day for silver does nothing to halt the downside pressures on the metal. Although yesterday was the first in four sessions not to produce new lows, silver remained below its 200-day moving average for most of the trading day. Silver did outperform gold however, taking the edge off of the rebound in the gold/silver ratio. Now support for the silver is seen at 28152 and below could see a test of 28033. Resistance is now likely to be seen at 28372, a move above could see prices testing 28473.

Trading Ideas:

Silver trading range is 28033-28473.

Silver gained from its lows to end in positive zone with copper prices

Silver is taking resistance at 28370 and support is at 28150.

In spot silver looks to take support at 17.32$ and resistance at 17.70$