Silver yesterday ended down on profit booking in volatile day after prices rose to record high building on strong overnight gains driven by euro zone debt worries. Silver prices also reached to all time record higher getting support from higher base metal and crude oil prices. iShares Silver Trust , the world's largest physically-backed exchange-traded fund, said its holdings rose to 10,782.69 tonnes by Dec 1 from 10,711.23 tonnes by Nov 26. The Gold Silver ratio remains heavy with close at 48.90. The 2010 low is nearby at 48.55 followed by 2008 low of 47.52. Now technically market is trading in the range as RSI for 18days is currently indicating 66.57, where as 50DMA is at 38235.04 and silver is trading above the same and getting support at 42690 and below could see a test of 42283 level, And resistance is now likely to be seen at 43627, a move above could see prices testing 44157.

Trading Ideas:

Silver trading range is 42283-44157.

Silver yesterday ended down on profit booking in volatile day

Silver is having resistance at 43360 and support at 42880 level.

Holdings at ishares silver trust rose by 71.46 tonnes to 10782.69 tonnes