Silver is ending the month/year at current 16.85. Silver has surged 48% this year from Dec 31, 2008 close of 11.39. We believe Silver is also in a corrective pattern that should see the unit trade back to 15.29. This pull back is the 38.2% Fibo of the 8.54 to 19.46 up move. We shift neutral on a close back above 17.78. The Gold Silver ratio is closing the year at 65.08 compared to last year’s 77.39. We believe Gold Silver is on its way back up to 68.15 as it corrects the 83.90 to 58.41 down move. Happy New Year. Now support for the silver is seen at 26755 and below could see a test of 26676. Resistance is now likely to be seen at 26891, a move above could see prices testing 26948.

Trading Ideas:

Silver trading range is 26300-27250.

Silver has surged 48% this year from Dec 31, 2008 close of 11.39$.

Silver is having resistance at 26960 and support at 26680 level.

In spot silver is having support at 16.78$ and resist is at 17.04$.

SELL SILVER MAR @ 27000 SL 27090 TGT 26935-26870-26800.MCX