Silver benefits from industrials as indicator shows that there is a drop in gold silver ratio, silver yesterday settled with a positive tone up by 0.53% as the market was underpinned by a dollar drop and Bernanke's comment that he had no plans to scrap a massive bond-buying program, indicating interest rates will not rise anytime soon. The SPDR fund experienced its second-biggest monthly outflow and the main silver ETF, the iShares Silver Trust, its biggest ever outflow last month, adding downward momentum to precious metal prices. Now technically market is trading in the range as RSI for 18days is currently indicating 64.08, where as 50DMA is at 44273.64 and silver is trading above the same and getting support at 45487 and below could see a test of 45112 level, And resistance is now likely to be seen at 46191, a move above could see prices testing 46520.

Trading Ideas:

Silver trading range is 45112-46520.

Silver benefits from industrials as indicator shows that there is a drop in gold silver ratio

Silver looks to take support at 45680 level and resistance at 46040 level.

In spot silver looks to have resistace at 30.38$ and suoport at 29.80$.