Spot silver fell 4.2 percent to $29.37 an ounce yesterday on speculation that a stronger dollar and a rally in equities. Silver opened lower at 46494 which was same as high shortly afterwards. The metal's reaction to a sell off in base metals and crude was sharp and definitive. After triggering stops around the 30.10 and then 29.85 levels, silver eventually reached an intraday low of 44850 late in the session. Silver ended the day with a slight recovery to 45066. Now support for the silver is seen at 44446 and below could see a test of 43826. Resistance is now likely to be seen at 46090, a move above could see prices testing 47114.

Trading Ideas:

Silver trading range is 43826-47114.

Spot silver fell 4.2% to $29.37 on speculation that a stronger $ and a rally in equities.

Silver is having resistance at 45260 and support at 44880 level.

Silver imports in 2010 are estimated at 1,200 tons, almost unchanged from the previous year.

SELL SILVER MAR ON JUMP @ 45650 SL 45920 TGT 45460-45240-46080.MCX

Silver $ FIX is at : 30.67 & CURRENTLY SILVER $ IS TRADING AT : 29.63 & DOWN BY -0.4%