Silver ended higher closing near its record high above 33000 level, looks set to continue benefiting from strength in gold prices but is at risk of a correction if a sluggish economic recovery hurts industrial commodities. Silver has definitely benefited recently from a bit more optimism about global economic prospects in general and specifically the view that China is looking stronger and that emerging market demand will be particularly good. Gold Silver ratio made another drop lower to current 60.18.Silver opened the day at 32604 reaching its intraday low of 32231 early in the session on fund profit taking. Renewed gains in crude and base metals saw silver trade to all time high of 33065. Silver ended the session in quiet range trading at 33031.Now support for the silver is seen at 32546 and below could see a test of 32062. Resistance is now likely to be seen at 33290, a move above could see prices testing 33550.

Trading Ideas:

Silver trading range is 32062-33550.

Silver has benefited this year from a hefty rise in gold prices

Silver is having resistance at 33290 and support at 32546 level.

Holdings at Ishares silver trust rose by 143.02 tonnes to 9756.04 tonnes