Silver on Saturday ended positive on short covering after showing a volatile week with downward trend. Silver has dropped this week to 17.30$ from last Fridays 18.36$. The metal has been correcting lower since reaching 19.81$ four weeks ago. We see 17.10$ as an important pivot while below here opens up March low 16.55$. The Gold Silver ratio has shot higher this week from 66.00 to 69.90. The February 2010 Ratio high of 70.82 will likely come under attack next week. It is interesting to note that 71.16 is the 50% of our 20 month range of 83.90 to 58.41. Now support for the silver is seen at 28255 and below could see a test of 28068. Resistance is now likely to be seen at 28543, a move above could see prices testing 28644.

Trading Ideas:

Silver trading range is 28068-28644.

Silver on Saturday ended positive on short covering

Silver is taking resistance at 28580 and support is at 28370.

Holdings at ishares silver trust dropped by 49.59 tonnes to 9208.83 tonnes.

SELL SILVER JULY @ 28500 SL 28640 TGT 28422-28340-28260.MCX