Silver closed slightly lower due to profit taking and setteled at -0.28% down on overnight weakness in base metals and crude saw silver open the day lower at 45760 with it making a quick dip to an intraday low of 45310 shortly after but recovery had been withnessed on rupee weakness and recovering base metals and crude saw renewed buying interest, taking silver to an intraday high of 46017 in the late session finally closing at 45737. As long as silver is trading below 46k profit booking cna hit the market retesting the support at 45250 level Now technically market is trading in the range as RSI for 18days is currently indicating 62.49, where as 50DMA is at 44300.26 and silver is trading above the same and getting support at 45358 and below could see a test of 44980 level, And resistance is now likely to be seen at 46067, a move above could see prices testing 46398.

Trading Ideas:

Silver trading range is 44980-46398.

Silver settled down as prices remained under pressure from firmer dollar.

Silver looks to take support at 45560 level and resistance at 45920 level.

Holdings at ishares silver trust rose by 18.23 tonnes to 10388.45 tonnes