Silver settled weak on profit booking after prices rise to its record high of Rs.32860 tracking continuous rally of strong regional equity market.  No surprise that the Gold Silver ratio is unchanged on the day and that price action is showing a Doji at current 60.36. Silver opened the week at 32759 and made a high of 32860. As equities and crude declined, silver traded to its intraday low of 32579. As crude recovered, silver closed the day at 32660 in quiet trading. Now support for the silver is seen at 32539 and below could see a test of 32419. Resistance is now likely to be seen at 32820, a move above could see prices testing 32981.

Trading Ideas:

Silver trading range is 32419-32981.

Silver settled weak on profit booking after prices rise to its record high of Rs.32860

Silver is having resistance at 32820 and support at 32539 level.

In spot silver looks to have a support at 21.22$ and resistance at 21.56$