Silver rose with gold and equities. Support for the markets was coming from increased risk appetite following stronger-than-expected ISM manufacturing data. Silver has made a good bounce yesterday to 26068. The neck line of the head and shoulders pattern is not seen until the 26400 area, but we expect the market to sell close to 26100.

Downside support is seen at last weeks’ low of 25400. The Gold Silver ratio has drifted off to 66.37 from Fridays 66.97. We see major support for the ratio at 65.12 and resistance at the target of 68.15. Now support for the silver is seen at 25600 and below could see a test of 25131. Resistance is now likely to be seen at 26327, a move above could see prices testing 26585.

Trading Ideas:

Silver trading range is 25500-26500.

Silver rose with gold and equities getting support from stronger-than-expected ISM data.

Support for the silver is at 25920 and resistance at 26190 level.

In spot silver is having support at 16.48$ and resistance is at 16.74$.

SELL SILVER MAR @ 26025 SL 26150 TGT 25962-25890-25800. MCX