Silver gained along with gold prices. The metals were supported as participants bought gold as a safe haven amid continued lackluster economic data. Silver opened at 24850 on MCX and quickly reached its intraday low of 24581. Short covering started to kick in and silver was on route to its recovery. The metal demonstrated its strong resilience through the day, reaching a high of 25216 before setting at 25150 at the end. Now support for the silver is seen at 24749 and below could see a test of 24347. Resistance is now likely to be seen at 25384, a move above could see prices testing 25617.

Trading Ideas:

Silver trading range is 24347-25617.

Silver gained yesterday tracking the rise in gold prices

Silver is taking support at 25020 and resistance at 25280 level.

The ratio has spent all week fluctuating between 68.58 and 69.74.

BUY SILVER MAR @ 25050-25100 SL 24920 TGT 25160-25220-25310.MCX