Silver faltered with gold and copper. The metals declined as risk appetite waned following weaker-than-expected U.S. consumer confidence data. That hurt silver and gold as inflation hedges. Now technically market is trading in the range as RSI for 18days is currently indicating 42.23, where as 50DMA is at 26355 and silver is trading below the same and getting support at 24611 and below could see a test of 24368 level, And resistance is now likely to be seen at 25266, a move above could see prices testing 25678. Spread between Silver MAR & MAY contacts yesterday ended at 204, we have seen yesterday that the silver market had traded with a negative node and settled -1.61% down. Spread yesterday traded in the range of 203 - 220.

Trading Ideas:

Silver trading range is 24368-25678.

Silver fell yesterday tracking weakness in gold and copper prices

Silver is taking support at 24720 and resistance at 24980 level.

Silver makes larger moves than gold in % terms because its less-liquid market can increase volatility.

BUY SILVER MAR ABV 24950 SL 24840 TGT 24988-25060-25170.MCX (EVE WEAK)