Silver finished down when it oscillated back and forth on either side of unchanged. Spillover support came from stronger copper after a Chilean earthquake, but the upside was limited by U.S. dollar strength. Now technically market is trading in the range as RSI for 18days is currently indicating 53.66, where as 50DMA is at 26427 and silver is trading below the same and getting support at 25933 and below could see a test of 25820 level, And resistance is now likely to be seen at 26195, a move above could see prices testing 26344. Spread between Silver MAY & JUL contacts yesterday ended at 222, we have seen yesterday that the silver market had traded with a negative node and settled -0.26% down. Spread yesterday traded in the range of 209 - 656.

Trading Ideas:

Silver trading range is 25820-26344.

Silver yesterday ended down tracking weakness in crude prices

Silver is taking support at 25920 and resistance at 26170 level.

Import duty has been increased to Rs 1500 from Rs 1000/1kg.

SELL SILVER MAY @ 26150-26200 SL 26330 TGT 26090-26010-25940.MCX