Silver prices fell from record high and lost Rs 96 to Rs 34,798 per kg on profit booking and fall in demand at higher levels. Weakening trend in Asian region also influenced the trading sentiment. The Gold Silver ratio is closing down on the day at current 57.85. The resent low 57.35 is the closest support with selling seen near 59.08. Silver holdings were up 0.1%, or 98,896 ounces, at 77.609 million ounces at Zurich Cantonal Bank. Now technically market is in overbot as RSI for 18days is currently indicating 76.95, where as 50DMA is at 31670 and silver is trading above the same and getting support at 34639 and below could see a test of 34480 level, And resistance is now likely to be seen at 34922, a move above could see prices testing 35046.

Trading Ideas:

Silver trading range is 34480-35046.

Silver prices fell on profit booking and fall in demand at higher levels

Silver is having resistance at 34922 and support at 34639 level.

Silver holdings were up 0.1%, or 98,896 ounces, at 77.609 million ounces at Zurich Cantonal Bank.