Silver rose with gold as funds kept re-entering the metals markets at the start of a new year, with other precious and base metals also stronger. Silver opened on at 27678 and made a low of 27615 on MCX. The metal moved higher for most of the session on the back of a weaker USD, rallying equities and stronger oil prices. Resistance was established near 27740; however the metal remained bid and later climbed to an intraday high of 27900. It traded quietly within a range as the trading day unwound, closing at 27813.Now support for the silver is seen at 27652 and below could see a test of 27491. Resistance is now likely to be seen at 27937, a move above could see prices testing 28061.

Trading Ideas:

Silver trading range is 27300-28300.

Silver rose with gold as funds kept re-entering the metals markets

Silver is having resistance at 27960 and support at 27680 level

Silver is spot getting support at 17.98$ and above this can jump till 18.45$

BUY SILVER MAR @ 27500-560 SL 27380 TGT 27622-27700-27780-27865-27940.MCX