Silver settled flat along with rising equities and gains in the wider commodities market. Equities rallied as Bernanke's comments eased investor concerns that there would be an interest rate hike soon. Silver is widely used for industrial applications and can benefit from broader economic optimism.  Silver opened at 24855 on MCX and experienced another quiet trading day. Prices reached an intraday high of 24975 following Bernanke’s statement. The metal performed in between the sluggish gold and other rising commodities and finally closed the day at 24844. Now support for the silver is seen at 24605 and below could see a test of 24366. Resistance is now likely to be seen at 25029, a move above could see prices testing 25214.

Trading Ideas:

Silver trading range is 24366-25214.

Silver settled flat along with rising equities and gains in the wider commodities market

Silver is taking support at 24680 and resistance at 25060 level.

Federal Reserve Chairman Ben Bernanke reassured lawmaker’s interest rates will remain low.

SELL SILVER MAR BELOW 24750 SL 24856 TGT 24680-24622-24565-24470.MCX