Silver firmed up on good speculative driven buying coupled with better industrial offtake. Silver prices were also supported by recovery in base metals. The Gold Silver ratio has drifted lower again to 52.19. Gold has broken its trend line but Silver remains in a bull trend. While the trend holds, the risk remains for a lower Gold Silver ratio. Silver opened at 38752. The metal reached its low of 38660 in early session range trading. Silver recovered as base metals gained, eventually reaching its high of 39588. Profit taking took the metal to its close of 39076. Now support for the silver is seen at 38628 and below could see a test of 38180. Resistance is now likely to be seen at 39556, a move above could see prices testing 40036.

Trading Ideas:

Silver trading range is 38180-40036.

Silver firmed up on good speculative driven by recovery in base metal prices.

Silver is having resistance at 39220 and support at 38800 level.

U.S. silver exports rose 67.4% in September from the previous month