Silver rose to record high on strong investment buying, with holdings of the world's largest silver-backed exchange-traded fund rising to a record high. Silver has made record high last week to 32760. This exceeds our 32500 technical target and now opens a bigger move higher. Saturday's close represents the fourth strong up move in the last five weeks. Our next price objective is 33000. The Gold Silver ratio is registering its 5th down week in a move off 68.32. At current 60.66 we have broken the January 2010 low of 60.77. Now support for the silver is seen at 32569 and below could see a test of 32391. Resistance is now likely to be seen at 32837, a move above could see prices testing 32927.

Trading Ideas:

Silver trading range is 32391-32927.

Silver rose to record high last week on strong investment buying

Silver is having resistance at 32837 and support at 32569 level.

Holdings at Ishares silver trust rose by 30.43 tonnes to 9613.02 tonnes