Silver rose as participants viewed recent declines as creating bargains in the metal. Silver rallied on the back of strength in base metals to open the session at 29301. The metal quickly surged due to heavy fund buying and continued the march higher as good bids entered the market. Silver hit an intraday high of 29540, before weaker equities and retreating commodities dragged silver lower. The commodity continued to lose ground; finally settling at 29255. Now support for the silver is seen at 28943 and below could see a test of 28632. Resistance is now likely to be seen at 29553, a move above could see prices testing 29852.

Trading Ideas:

Silver trading range is 28632-29852.

Silver rose as participants viewed recent declines as creating bargains

Silver is taking resistance at 29380 and support is at 29120.

In spot silver looks to have a support at 18.74$ and resistance is at 19.16$.

SELL SILVER JUL BELOW 29040 SL 29280 TGT 28945-28870-28768. MCX