Silver yesterday started day with 46000 mark and got support from base metal and traded higher in the early trading hours. After reaching an early session intraday high of 46383 market quickly turned lower as crude fell, eventually reaching an intraday low of 45805before silver ended the day at 45920. The upward trend is strong and the near-term outlook calls for further upside, However, much like gold the medium term technical’s are more cautious, but with an RSI comfortably at 67, there could still be significant upside before there is a pause in the rally. Now technically market is trading in the range as 50DMA is at 42410.44 and silver is trading above the same and getting support at 45689 and below could see a test of 45458 level, And resistance is now likely to be seen at 46267, a move above could see prices testing 46614.

Trading Ideas:

Silver trading range is 45458-46614.

Silver fell back after surging to a fresh 30-year peak near $31 on profit booking and strong data line up

Silver is having resistance at 46260 and support at 45665 level.

GOLDRATIO DIPS TO LOWEST SINCE DECEMBER '06 AS SILVER SETS FRESH MULTI-DECADE HIGH

SELL SILVER MAR  @ 46000-46080 SL 46210 TGT 45880-45700-45560.MCX

Silver $ FIX is at : 27.195 & CURRENTLY SILVER $ IS TRADING AT : 30.61 & UP BY 0.66%