Silver rose as the euro rallied against the dollar amid optimism Ireland will get loans to ease its banking and debt crisis. Silver prices were also supported by strong gains in base metal and crude prices. The Gold Silver ratio fell to current 50.39 from previous close of 52.09. Support is seen at last week’s low of 48.55.Silver opened on its lows at 39266.  Strong gains in equities and base metals re-energized silver taking the metal to its intraday high of 40870. Range bound trading took silver to its close of 40463.Now support for the silver is seen at 39529 and below could see a test of 38596. Resistance is now likely to be seen at 41133, a move above could see prices testing 41804.

Trading Ideas:

Silver trading range is 38596-41804.

Silver rose as the euro rallied against the dollar amid optimism Ireland will get loans

Silver is having resistance at 40620 and support at 40200 level.

In spot silver looks to have a support at 27$ and resistance at 27.64$.