Silver gained around a percent last week tracking the gains in gold on MCX but registered a small down in spot at 18.38$. This week the metal achieved its 100% retracement to 18.88$ target before crashing down below 3 month channel support at 18.00$. The metal fell as far as 17.10$ this week before closing back above the channel support. This violent price action does not instill a great deal of confidence for Silver bulls. Only a close above 18.88$ would we expect fresh buying of the metal. Gold Silver ratio is showing as a strong up week closing at current 65.75. The ratio traded in a massive 62.96 to 68.51 range. Risk remains higher for the ratio. Now support for the silver is seen at 28514 and below could see a test of 28450. Resistance is now likely to be seen at 28690, a move above could see prices testing 28802.

Trading Ideas:

Silver trading range is 28450-28802.

Silver gained around a percent last week tracking the gains  in gold

Silver is taking resistance at 28720 and support is at 28440.

Gold Silver ratio shown a strong up week at 65.75 and traded in range of 62.96 to 68.51

BUY SILVER JUL ON DIP @ 28200-250 SL 28080 TGT 28360-28445-28570.MCX