Silver ended down on profit booking at the weekend and also owing to reduced off-take at higher levels. Silver is closed the week down at 31234. Our trend higher only started two weeks ago so we view this as a "Pause" before the next move higher to 32000. We are cautious Gold but we really like Silver while 30800 holds the base. This pressure has moved Gold Silver ratio lower for the third week in a row at 62.75. The weekly chart is bearish the Gold Silver ratio with our target 58.41 while 64.29 holds the topside. Now support for the silver is seen at 31096 and below could see a test of 30957. Resistance is now likely to be seen at 31415, a move above could see prices testing 31595.

Trading Ideas:

Silver trading range is 30957-31595.

Silver ended down on profit booking at the weekend

Silver is taking resistance at 31415 and support is at 31100.

Holdings at ishares silver trust rose by 30.44 tonnes to 9307.17 tonnes