Silver yesterday ended higher as increased hedging by silver producers pushed prices. Good physical buying for silver on strong industrial and retail coin and bar demand are underpinning the market. Silver opened at 46300 and made a dip to its intraday low of 46080. Concerns over Iranian warships wanting passage through the Suez Canal and general restlessness in the Mid East pushed crude higher. Coupled with base metals rallying, silver traded higher eventually reaching an intraday high of 47279 shortly before the close. Silver ended the day at 47179.Now technically market is trading in the range as RSI for 18days is currently indicating 68.91, where as 50DMA is at 44511.4 and silver is trading above the same and getting support at 46413 and below could see a test of 45647 level, And resistance is now likely to be seen at 47612, a move above could see prices testing 48045.

Trading Ideas:

Silver trading range is 45647-48045.

Silver ended higher as increased hedging by silver producers pushed prices

Silver looks to take support at 47000 level and resistance at 47460 level.

Holdings at ishares silver trust rose by 27.33 tonnes to 10438.56 tonnes

Silver $ FIX is at : 30.61 & CURRENTLY SILVER $ IS TRADING AT : 31.66 & DOWN BY -0.22%