Silver settled lower with gold prices. The precious metals declined as concerns about tightened Chinese lending decreased risk appetite, sent the dollar higher and calmed inflation concerns. Silver also like gold opened its highs at 28636. An advancing USD, weaker equities and slumping base metals caused silver to tumble from its highs.

Heavy selling dragged the metal below 28000, triggering stops and later gapped to a low of 27683. It made back some ground as the day came to a close, finally settling at 27769. Now support for the silver is seen at 27423 and below could see a test of 27076. Resistance is now likely to be seen at 28376, a move above could see prices testing 28982.

Trading Ideas:

Silver trading range is 27200-28200.

Silver settled lower tracking lower gold and base metal prices

Silver is having resistance at 27880 level on MCX and 18.08$ in spot.

Concerns about tightened Chinese lending decreased risk appetite.

SELL SILVER MAR @ 28000 SL 28134 TGT 27935-27870-27822-27765.MCX