Silver hit an all-time high amid hectic buying for the ongoing festive season. The rise in prices of in international markets also pushed up rates. The Gold Silver ratio pushed lower to 61.65. Our short term target is 60.77, the 2010 low, with deeper move to 58.41 the 2009 low a definite possibility. Silver opened the day at 31972. A steady move higher took us to an intraday high of 32220, before settling the day at 32108. Now support for the silver is seen at
31919 and below could see a test of 31729. Resistance is now likely to be seen at 32259, a move above could see prices testing 32409.

Trading Ideas:

Silver trading range is 31729-32409.

Silver hit an all-time high amid hectic buying for the ongoing festive season

Silver is taking resistance at 32260 and support is at 31900.

Holdings at ishares silver trust rose by 36.52 tonnes to 9343.69 tonnes