Silver settled sharply lower when a downgrade of Portugal's debt prompted concerns that European debt problems are spreading beyond Greece. Silver opened at 26563 in New York. Softer equity markets and a stronger USD inspired selling as the day began and it slumped to an intraday low of 26194. Light buying carried the metal of its lows. It ticked sideways for the remainder of the session before unwinding at 26230. Now support for the silver is seen at 26089 and below could see a test of 25949. Resistance is now likely to be seen at 26475, a move above could see prices testing 26721.

Trading Ideas:

Silver trading range is 25949-26721.

Silver yesterday also ended down tracking weak gold and other commodities

Silver is taking support at 26090 on MCX and in spot support is at 16.42$

The Gold Silver ratio has popped higher to 65.46 from 65.01.

BUY SILVER MAY @ 26230-26270 SL 26190 TGT 26312-26370-26460.MCX (EVE WEAK)