Silver initially tumbled with gold, but bounced from chart support, prompting traders to buy in order to cover short positions in which they previously sold. Silver opened 26816 and tumbled, washing out longs, reaching an intraday low of 26460. This move quickly reversed as the metal moved higher on the back of strengthening base metals and a weakening USD.

Silver was well bid for the remainder of the session climbing to a high of 27090. It ticked sideways as the trading day came to a close, finally settling at 27033. Now support for the silver is seen at 26632 and below could see a test of 26231. Resistance is now likely to be seen at 27262, a move above could see prices testing 27491.

Trading Ideas:

Silver trading range is 26231-27491.

Silver ended higher on short covering after falling early in the day

Silver is taking support at 26910 and resistance at 27170 level.

The Gold Silver ratio moved lower to 64.35 level.

BUY SILVER MAY ABV 27090 SL 26980 TGT 27156-27200-27260-27310. MCX (EVE WEAK)