Silver, which outperformed gold on the rally since August, blazed the downhill trial, after a report showed U.S. jobless claims fell more than expected last week. The Gold Silver ratio shot higher to 57.16. Our inability to revisit last week’s low of 55.80 suggests we may have put in a short term base. Silver opened at 35620. The metal reacted in line with gold, reaching its high of 35944 after an initial dip lower. Crude and base metals turned lower on dollar strength with silver trading to its low of 34875 late in the session. Silver closed the session at 34938.Now support for the silver is seen at 34561 and below could see a test of 34183. Resistance is now likely to be seen at 35630, a move above could see prices testing 36321.

Trading Ideas:

Silver trading range is 34183-36321.

Silver ended lower tracking weakness in gold and crude oil prices

Silver is having resistance at 35080 and support at 34800 level.

In spot silver looks to have a support at 22.96$ and resistance is at 23.23$