Silver scaled yet another historic high on the back of highly speculative build-up as well as industrial support amid firm overseas. COMEX silver volume was 35 percent below average at less than 70,000 lots. The gold/silver ratio has hit a new one-year low this week at 48.2. We look for March 2008 support to come into play at 47.50 in the ratio.

Now technically market is trading in the range as RSI for 18days is currently indicating 70.13, where as 50DMA is at 38808.5 and silver is trading above the same and getting support at 43584 and below could see a test of 42907 level, And resistance is now likely to be seen at 44614, a move above could see prices testing 44967.

Trading Ideas: Silver trading range is 42907-44967. Silver prices rose to record high due to highly speculative build-up as well as industrial support Silver is having resistance at 44480 and support at 44000 level. In spot silver looks to have a resistance at 29.62$ and support at 29$