Silver rose along with gold on improved risk appetite for commodities generally and a softer U. S. dollar. Fund buying was reported in commodities to start a New Year, after previous selling that was largely book-squaring as 2009 wound down.

Now technically market is trading in the range as RSI for 18days is currently indicating 48.64, where as 50DMA is at 27769 and silver is trading below the same and getting support at 26866 and below could see a test of 26488 level, And resistance is now likely to be seen at 27482, a move above could see prices testing 27720. Spread between Silver MAR & MAY contracts yesterday ended at 212, we have seen yesterday that the silver market had traded with a positive node and settled 1.53% up. Spread yesterday traded in the range of 204 - 276.

Trading Ideas:

Silver trading range is 26700-27700.

Silver rose along with gold on improved risk appetite for commodities

Silver is having resistance at 27380 and support at 27020 level overall getting support from Basemetal

Fund buying was reported in commodities to start a New Year silver is having support at 17.32$.

BUY SILVER MAR @ 27100-27140 SL 27000 TGT 27190-27265-27322-27380.MCX