Silver followed gold higher as the yellow metal settled above 18150. Although gold is at record highs, silver has not yet rebounded to its highest point from 2008. Silver opened at 29347 and began trading sideways. It rallied to its highs of 29779 as strength in equities. As equities headed for an intraday reversal, silver also turned down.

The metal then traded within a range until finally closing at 29584. The Gold Silver ratio rose today to 63.03 from previous 62.66. The ratio is caught in a 61.60 to 64.14 range. We believe the topside in the ratio is the greater risk. Now support for the silver is seen at 29361 and below could see a test of 29138. Resistance is now likely to be seen at 29793, a move above could see prices testing 30002.

Trading Ideas:

SILVER TRADING RANGE IS 29000-30000.

SILVER ENDED UP TRACKING HIGHER GOLD AND COPPER PRICES

BUY SILVER MAR @ 29640-680 SL 29520 TGT 29745-29810-29870-29965.MCX

ADD ABOVE 29990 SL 29860 TGT 30056-30134-30270. MCX

SILVER IS ALSO GETTING STRONG SUPPORT FROM BASEMETAL COUNTER