Silver hitting a six-week high of $30.71 and on MCX tested the high of 46390 in the yesterday's session as support from base metal seen. Silver opened at 45420 and traded in the range and made a day's low at 45347. Renewed buying interest with support from base metal made silver to test the high of 46390 and finally settled at 46155, holdings in the iShares Silver Trust gained 22.78 tonnes to 10,411.23 tonnes by Feb 14. Now technically market is trading in the range as RSI for 18days is currently indicating 64.78, where as 50DMA is at 44377.72 and silver is trading above the same and getting support at 45538 and below could see a test of 44921 level, And resistance is now likely to be seen at 46581, a move above could see prices testing 47007.

Trading Ideas:

Silver trading range is 44921-47007.

Silver gained on strong industrial demand driven by signs of an improving economy.

Silver looks to take support at 46000 level and resistance at 46380 level.

Holdings at ishares silver trust rose by 22.78 tonnes to 10411.23 tonnes.