Silver settled lower with gold prices. The precious metals declined as concerns about tightened Chinese lending decreased risk appetite, sent the dollar higher and calmed inflation concerns. Silver also like gold opened its highs at 28636. An advancing USD, weaker equities and slumping base metals caused silver to tumble from its highs. But on Saturday we have seen market re bounce on profit booking and closed above 24550 level that is almost 2% up from the Friday closing, now technically market is trading in the range as RSI for 18days is currently indicating 31.2, where as 50DMA is at 27229 and silver is trading below the same and getting support at 24325 and below could see a test of 24091 level, And resistance is now likely to be seen at 24684, a move above could see prices testing 24809.

Trading Ideas:

Silver trading range is 23881-24561.

Silver settled lower as concerns about tightened Chinese lending decreased.

Silver is having resistance at 24720 level on MCX and 15.34$ in spot.

An advancing USD, weaker equities and slumping base metals caused silver to tumble from its highs.

BUY SILVER MAR @ 24200-240 SL 24140 TGT 24300-24365-24420-24456.MCX

SILVER $ FIX IS AT : 15.17 & CURRENTLY SILVER $ IS TRADING AT : 15.13 & UP BY 0.13%