Silver yesterday ended down tracking weakness in gold and crude oil prices. Still silver is holding major support at 42000 level a break below will looks to test 41800-41600 level. Holdings in the world's largest silver-backed exchange-traded fund, iShares Silver Trust, rose by 0.8 percent to 10,478.08 tonnes by Jan 24, from 10,394.53 tonnes on Jan 21. Silver began the day at 42820 making a quick dash to an intraday high of 43244 just after the open. Tracking base metals and crude, silver reached an intraday low of 42256. As base metals reversed early declines, renewed buying interest saw silver to its close of 42341 in quiet trading. Now support for the silver is seen at 41983 and below could see a test of 41626. Resistance is now likely to be seen at 42971, a move above could see prices testing 43602.

Trading Ideas:

Silver trading range is 41626-43602.

Silver yesterday ended down tracking weakness in gold and crude oil prices.

Silver looks to take support at 42180 level and resistance at 42520 level.

Holdings at ishares silver trust rose by 83.55 tonnes to 10498.08 tonnes.