Silver opened at 28200 on MCX and was well bid as the session began. Resistance was established near 28240 and moderate profit taking pulled it lower. It continued to slid, following weaker oil, base metals and equities, reaching 27946. However the metal quickly turned bid and was well support during the latter end of the session, climbing to a high of 28436. It traded within a range as investors stepped away from the market, finally closing at 28312. Now support for the silver is seen at 28027 and below could see a test of 27741. Resistance is now likely to be seen at 28517, a move above could see prices testing 28721.

Trading Ideas:

SILVER TRADING RANGE IS 27850-28750.

SILVER GAINED YESTERDAY FOLLOWING THE HIGHER GOLD PRICES

BUY SILVER DEC @ 28100-28160 SL 28020 TGT 28240-28310-28380.MCX

SILVER IS HAVING SUPPORT AT 18.34$ AND RESIST AT 18.62$.

IMP IS 28000 MARK A BREAK BELOW COULD SEE TILL 27800-27650 LEVEL

Commodity Analysis by Kedia Commodity, India’s Premium Research House, Mumbai. Check out more commodity reviews at KediaCommodity. com