Silver prices ended lower tracking weakness in base metal prices. Silver prices also traded lower due to heavy offloading by stockists and speculators tracking global weakness. Silver is closing this week at 40855. The metal officially remains in a bull trend with the three month trend line in at 39200. This week the metal failed at 42200 before reversing back into the range. Considering the recent range of 39000 to 43000, we should see further consolidation. The Gold Silver Ratio moved straight up this week from last weeks 49.04 to current 51.06. This brings us to the mid way between the previous week's range of 49.04 to 53.21. Now support for the silver is seen at 40408 and below could see a test of 39962. Resistance is now likely to be seen at 41548, a move above could see prices testing 42242.

Trading Ideas:

Silver trading range is 39962-42242.

Silver prices ended lower tracking weakness in base metal prices

Silver is having resistance at 41000 and support at 40620 level.

Holdings at ishares silver trust fell by 182.45 tonnes to 10711.23 tonnes