Silver on the weekly chart is showing a small down week at 18.44. Silver made a fresh high 18.88 but November’s 19.46 remains the key top side level. Silver has been very strong to start 2010 so we would suggest holding the long position with a stop loss below 17.80.

A break of this level would backdrop a commodity liquidation taking the unit back to 16.76 and lower. The Gold Silver ratio has built on last weeks losses to current 61.30. The ratio remains weak with 60.39 the next level of support. Now support for the silver is seen at 28254 and below could see a test of 28233. Resistance is now likely to be seen at 28294, a move above could see prices testing 28313.

Trading Ideas:

Silver trading range is 27800-28700.

Silver traded along with positive gold and base metal prices

Silver is having support at 28140 level on Mcx and 18.26$ in spot.

Spread between Silver MAR & MAY contracts yesterday ended at 185.

SELL SILVER MAR @ 28400-28450 SL 28565 TGT 28345-28305-28240-28170.MCX