Silver prices slipped due to modest profit-taking by speculators despite rising overseas trend. Silver is registering a strong weekly close at 55884. This is the 7th up week in the past 8 trading sessions in a move that started at
41600. We see resistance at former high 56200 followed by 57000. The gold silver ratio is closing at fresh lows at 37.88. This is the 9th down week in the past 10 sessions in a move that started up at 49.62. The risk remains lower towards 35.00 with only a close back above 39.30 triggering stop losses. Now technically market is trading in the range as RSI for 18days is currently indicating 70.81, where as 50DMA is at 51438.3 and silver is trading above the same and getting support at 55831 and below could see a test of 55777 level, And resistance is now likely to be seen at 55964, a move above could see prices testing 56043.
Silver trading range is 55777-56043.
Silver prices slipped Friday due to modest profit-taking by speculators despite rising overseas trend
Silver is having resistance at 56120 and support at 55600 level.
In spot silver looks to get resistance at 37.94$ and support at 37.35$ level.