Silver ended in negative zone on profit booking after prices soared to hit a new high of Rs 37485 per kg tracking a firm trend in global markets. Besides, rising demand at domestic spot markets for the festive and marriage season, also supported the current run-up in silver prices. Gold Silver ratio is closing at 55.01 after dealing to fresh low 54.41. Interesting that the March 2008 high was 54.35 so this area was viewed as a sudo support level followed by 50.76 and 47.52. Good overnight economic data from China saw commodities higher. Silver opened the day at 37188. The metal traded higher, as base metals gained, reaching 37485. The stronger dollar took silver lower to 36791. The metal finished the session at
36951 in quiet trading. Now support for the silver is seen at 36666 and below could see a test of 36382. Resistance is now likely to be seen at 37360, a move above could see prices testing 37770.

Trading Ideas:

Silver trading range is 36382-37770.

Silver ended in negative zone on profit booking after reaching its new record high

Silver is having resistance at 37100 and support at 36780 level.

In spot silver is taking resistance at 24.98$ and support at 24.46$.