Silver faltered with other growth-sensitive commodities. Often traded for similar investment reasons as gold, silver also is more widely used in industry than is the yellow metal. The same poor economic data that pressured copper also pressured silver. Silver started the day at 29518 reaching its intraday high of 29611 shortly after. As base metals and equities traded lower, Silver followed Gold on its way down to an intraday low of 28756 near the end of the session where it closed the day at 28795. Now support for the silver is seen at 28497 and below could see a test of 28199. Resistance is now likely to be seen at 29352, a move above could see prices testing 29909.

Trading Ideas:

Silver trading range is 28199-29909.

Silver yesterday declined heavily on economic worries

Silver is taking resistance at 28980 and support is at 28630.

Holdings at ishares silver trust fell by 21.32 tonnes to 9155.52 tonnes

BUY SILVER SEPT @28500-580 SL 28350 TGT 28640-28780-28900.MCX