Silver ended the week lower on continued speculative sell-off and lower industrial support. The gold-to-silver ratio, the number of ounces of silver needed to buy an ounce of gold rose to a one-month high at just below 48, showing that silver is underperforming gold in a falling market. The liquidation that has taken place over the course of January indicates that the price action is neutral and the downside is the direction of risk. Indeed, the metal's MACD has generated a sell signal and the past week's price developments have indicated further downside is in silver's future. Now support for the silver is seen at 43770 and below could see a test of 43697. Resistance is now likely to be seen at 43895, a move above could see prices testing 43947.

Trading Ideas:

Silver trading range is 43697-43947.

Silver ended the week lower on continued speculative sell-off.

Silver looks to take support at 43660 level and resistance at 44045 level.

In spot silver looks to take support at 28.18$ and resistance at 28.70$