Silver yesterday again outperformed gold and settled higher taking cues and support from base metal and positive crude prices. Now technically market is trading in the range as RSI for 18days is currently indicating 57.86, where as 50DMA is at 27890 and silver is trading above the same and getting support at 28348 and below could see a test of 28248 level, And resistance is now likely to be seen at 28516, a move above could see prices testing 28584.

Spread between Silver MAR & MAY contracts yesterday ended at 175, we have seen yesterday that the silver market had traded with a positive node and settled 0.61% up. Spread yesterday traded in the range of 167 - 236.

Trading Ideas:

Silver trading range is 28000-29000.

Silver yesterday settled higher tracking base metal and positive crude prices

Silver is having resistance at 28560 level on MCX and 18.88$ in spot.

Silver MAR & MAY contracts yesterday traded in the range of 167-236

BUY SILVER MAR @ 28300-28350 SL 28220 TGT 28410-28480-28560.MCX