Silver closed lower but nevertheless staged an "impressive" rally in bouncing from its low. The metal was initially pressured with gold on dollar strength, then bounced as the greenback softened. Now technically market is trading in the range as RSI for 18days is currently indicating 49.37, where as 50DMA is at 25969 and silver is trading above the same and getting support at 26287 and below could see a test of 26037 level, And resistance is now likely to be seen at 26681, a move above could see prices testing 26825. Spread between Silver MAY & JUL contracts yesterday ended at 208, we have seen yesterday that the silver market had traded with a negative node and settled -0.19% down. Spread yesterday traded in the range of 207 - 220.

Trading Ideas:

Silver trading range is 26037-26825.

Silver closed lower but nevertheless staged an "impressive" rally in bouncing from its low.

Silver is taking support at 26250 on MCX and in spot support is at 16.82$

Spread between Silver MAY & JUL contracts yesterday ended traded in the range of 207 - 220.

SELL SILVER MAY @ 26650-26680 SL 26722 TGT 26615-26570-26540.MCX