Silver prices fell sharply by over 4 per cent on emergence of profit-booking by speculators, as prices soared to an all-time high amid weak trend in global markets, where strong dollar weighed on the precious metals, reducing appeal as an alternative investment, led to a fall in silver prices. Silver opened the day on its high at 44400. Selling as gold turned knocked the metal back down through resting stops at 43250 and to a low of 42703. Fund buying in the afternoon took us to a close of 43141. Now support for the silver is seen at 42429 and below could see a test of 41718. Resistance is now likely to be seen at 44126, a move above could see prices testing 45112.

Trading Ideas:

Silver trading range is 41718-45112.

Silver prices fell sharply by over 4 per cent on emergence of profit-booking by speculators

Silver is having resistance at 43380 and support at 42920 level.

In spot silver looks to have a support at 27.94$ and resistance at 28.62$