Silver fell by tracking a weak trend in the overseas market and weak copper prices ahead of an announcement on monetary policy from the Federal Reserve. The Gold Silver ratio is closing at a fresh low at current 54.31. We see support at 53.18 and 51.47 from mid 2008. Stop loss buying of the ratio would be triggered at levels above 55.80.Silver opened the day at 37100. Following gold, the metal reached its high of 37337. Strong selling interest took silver lower, triggering stops around the 36500 level, eventually reaching its low of 35956. Buying interest at this level brought silver back up to close at 36570. Now support for the silver is seen at 35905 and below could see a test of 35240. Resistance is now likely to be seen at 37286, a move above could see prices testing 38002.

Trading Ideas:

Silver trading range is 35240-38002.

Silver fell by tracking a weak trend in the overseas market and weak copper prices

Silver is having resistance at 36740 and support at 36400 level.

In spot silver looks to have support at 24.62$ and resistance at 25$