Silver fell with gold on a day when there was liquidation, in which traders were selling to exit positions in which they previously bought. The Gold Silver ratio is lower again for the 5th day in a row to current 65.20. Silver opened at 27098 and ticked higher on the back of strong investment demand, touching a high of 27168. This move later reversed and the metal followed weaker oil prices lower. The metal was well offered for much of the morning, dragging it to an intraday low of 26712. Light buying carried the metal off its lows, squeezing out shorts as the day unwound, closing at 26883. Now support for the silver is seen at 26674 and below could see a test of 26465. Resistance is now likely to be seen at 27130, a move above could see prices testing 27377.

Trading Ideas:

Silver trading range is 26465-27377.

Silver ended down tracking weakness in gold and crude prices

Silver is taking support at 26740 and resistance at 26990 level.

The Gold Silver ratio is lower again for the 5th day in a row to current 65.20.

SELL SILVER MAY @ 26880-920 SL 27040 TGT 26816-26740-26650.MCX