Silver rose last week with gold prices as the yellow metal hit record highs in international market. Investors often buy the metals for similar haven and alternative currency reasons in times of economic or political uncertainty. Now, silver may be becoming more attractive because it is so much less expensive than gold. Silver broke through the upper end of its recent range near the 29800 level, which constituted the 23.6% Fibonacci retracement, as it made quick work of the 30200 level. The Gold-Silver ratio declined towards support at 65.55. Despite the recent decline in the ratio, we expect it to continue lower as the move higher for gold persists. Now support for the silver is seen at 29891 and below could see a test of 29868. Resistance is now likely to be seen at 29945, a move above could see prices testing 29976.

Trading Ideas:

Silver trading range is 29502-30160.

Silver rose last week with gold prices as yellow metal hit record highs in international market

Silver is taking resistance at 30060 and support is at 29780.

In spot silver looks to take support at 18.88$ and resistance at 19.36$

BUY SILVER JULY @ 29900-940 SL 29780 TGT 30000-30070-30150.MCX