Silver opened at 24159 and slipped as the day began, finding support near 24180. It was stuck in a holding pattern for much of the session as investor stepped away from the market. The metal was later swept lower, washing out longs, reaching an intraday low of 24124. But it quickly recovered on the back of rallying oil prices and a weaker USD, climbing to a high of 24644 also getting support from the base metal counter where we have seen all the metals rallied more than 2 per cent supporting the silver. Light profit taking near the tail end of the day took the metal lower and later closed at 24515. Now technically market is trading in the range as RSI for 18days is currently indicating 33.64, where as 50DMA is at 26928.16 and silver is trading below the same and getting support at 24211 and below could see a test of 23908 level, And resistance is now likely to be seen at 24731, a move above could see prices testing 24948.

Trading Ideas:

Silver trading range is 23908-24948.

Silver recovered on join rally from base metal and crude oil with taking support above 24000.

Silver had a strong day, but continues to trade below its 200-day moving average (15.98).

Silver holding support above 24000 a break will find the support at 23680 levels.

BUY SILVER @ 24400-460 SL 24290 TGT 24522-24580-24645. MCX (EVE WEAK)