Silver has showed a down week at 17.00$. The metal had moved up for 4 consecutive weeks in a move that has travelled from 14.68$ to 17.60$. We currently view this down move in Silver as a correction of a bull move. We remain bullish Silver while 16.76$ hold. The Gold Silver ratio has moved lower for the 5th week in a row to 64.82. The ratio has run into the 61.8% Fibo retracement support at 64.01 but our view for the ratio remains bearish with next Fibo support at 63.16. Now support for the silver is seen at 26630 and below could see a test of 26604. Resistance is now likely to be seen at 26685, a move above could see prices testing 26714.

Trading Ideas:

Silver trading range is 26604-26714.

Silver had moved up for 4 consecutive weeks that has travelled from 14.68$ to 17.60$.

Silver is taking support at 26520 on MCX and in spot support is at 16.80$

The Gold Silver ratio has moved lower for the 5th week in a row to 64.82.

BUY SILVER MAY @ 26550-600 SL 26470 TGT 26660-26720-26790-26845.MCX