Silver experienced a significant down week, closing at 17.62$, from last week’s 18.44$. The metal appears to have turned bearish with the next major weekly support at 17.10$, while the 61.8% retracement of our three month up move comes in at 16.64$. The market will now sell any rally to last week’s low of 18.21$. The Gold-Silver ratio closed at 66.85, an increase from last week’s close of 63.99. This close is the exact 50% level or our three month range and does provide much inspiration as per its prospects. Now support for the silver is seen at 28387 and below could see a test of 28342. Resistance is now likely to be seen at 28466, a move above could see prices testing 28500.

Trading Ideas:

Silver trading range is 28342-28500.

Silver experienced a significant down week closing at 17.62$, from last week’s 18.44$.

Silver is taking resistance at 28560 and support is at 28280.

In spot silver looks to have a support at 17.45$ and resistance is at 17.72$.

BUY SILVER JUL ABV 28600 SL 28480 TGT 28680-28770-28850.MCX