Silver fell with gold but more sharply, hit harder as traders liquidated, or sold to exit positions in which they previously bought. Silver opened at 27427 on MCX. The market was quiet during the early morning, climbing to intraday high of 27493 before dealers took profit and pulled the metal off its high.

The selling continued on the back of profit taking in base metals, strengthening USD and slumping equity markets. Support was found near 27180, but this level could not be sustained as the metal retreated, finally closing near its lows at 27056. Now support for the silver is seen at 26880 and below could see a test of 26703. Resistance is now likely to be seen at 27363, a move above could see prices testing 27669.

Trading Ideas:

Silver trading range is 26500-27500.

Silver fell with gold but more sharply on profit booking and pressurised from crude prices

Silver again yesterday failed to break important support of 27000 above this looks strong

In spot silver is having support at 16.88$ and resist is at 17.16$.

SELL SILVER MAR BELOW 27000 SL 27090 TGT 26962-26925-26880. MCX