Silver tumbled with gold on a day that the dollar strengthened. Silver, already above its 20-, 50- and 200-day moving averages, got just above the 100-day average but couldn't maintain its momentum as the euro stumbled. Silver opened at 26930 on MCX. Investor demand took the metal higher touching an intraday high of 27139. This move quickly reversed as the dollar went on the offensive and oil tumbled, pulling silver neat to a low. The metal traded quietly for the rest of the day as investors moved to the sidelines in anticipation of tomorrow's key economic data, finally closing at 26922. Now support for the silver is seen at 26717 and below could see a test of 26512. Resistance is now likely to be seen at 27133, a move above could see prices testing 27344.

Trading Ideas:

Silver trading range is 26512-27344.

Silver tumbled with gold and copper after the dollar strengthened

Silver is taking support at 26780 and resistance at 27060 level.

The Gold Silver ratio is showing as a down day at its current level of 66.04.

BUY SILVER MAR @ 26900-26940 SL 26790 TGT 27010-27090-27165-27240.MCX