Silver with the strength in base metals open the day higher at 41850 quickly achieving an intraday high of 42684. Declines in crude and a reversal of gains in metals saw silver trade lower triggering resting stops near the 27.20 level the metal eventually reached an intraday low of 41560. Silver made a small comeback to end the day at 41920. The Gold Silver ratio is higher to 48.92 in the current weak metal environment, we expect the ratio to push higher toward 51.00 now technically market is trading in the range as RSI for 18days is currently indicating 35.92, where as 50DMA is at 44160.64 and silver is trading below the same and getting support at 41425 and below could see a test of 40931 level, And resistance is now likely to be seen at 42549, a move above could see prices testing 43179.

Trading Ideas:

Silver trading range is 40931-43179.

Silver yeterday ended with gains tracking firmness in base metals.

Silver looks to take support at 41760 level and resistance at 42100 level.

Holdings at ishares silver trust fell by 21.27 tonnes to 10426.43 tonnes.

SELL SILVER MAR BELOW 41850 SL 42000 TGT 41760-41610-41480.MCX