Silver prices dropped sharply on emergence of continued profit booking by stockists coupled with reduced industrial demand on the back of a bearish trend in the overseas markets. Silver holdings at Zurich Cantonal Bank were 1.1% higher, or up 809,074 ounces, at 77.250 million ounces. Now technically market is trading in the range as RSI for 18days is currently indicating 66.63, where as 50DMA is at 30128 and silver is trading above the same and getting support at 31781 and below could see a test of 31624 level, And resistance is now likely to be seen at 32138, a move above could see prices testing 32338.

Trading Ideas:

Silver trading range is 31624-32338.

Silver prices dropped sharply on emergence of continued profit booking by stockists

Silver is taking resistance at 32140 and support is at 31780.

Holdings at ishares silver trust rose by 127.81 tonnes to 9509.55 tonnes.