Silver prices ended the week higher as speculators built positions, driven by a rally in global markets. In addition, increased demand in the spot markets for the upcoming festive and marriage season also supported the uptrend. Silver is showing as another strong up session on the weekly chart at current 23.14. This is the sixth strong up week in the past seven in a move that has traveled from 28800 to 34928. The market has exceeded our 34000 but shows no sign of reversing. The Gold Silver ratio at 58.07 is showing as the seventh consecutive down week off 68.35. Now support for the silver is seen at 33954 and below could see a test of 33207. Resistance is now likely to be seen at 35054, a move above could see prices testing 35407.

Trading Ideas:

Silver trading range is 33207-35407.

Silver prices climbed as speculators built positions, driven by a rally in global markets

Silver holdings were 0.1% higher, at 77.510 million ounces at Zurich Cantonal Bank.

iShares silver trust holdings hit new record high of 10085.62 tonnes from 9997.39 tonnes