Silver closed sharply higher as traders bought to cover positions in which they previously sold, especially with the euro nudging higher on improved prospects for an aid package for debt-strapped Greece. Silver opened the day at 27573 and dipped to an intraday low of 27525 as copper and base metals declined early in the session. Short covering as equities traded higher took Silver back above 18.30. Range trading followed until stops were triggered around 27800 taking us to a high of 28040 shortly before the close. Silver closed at 27972.Now support for the silver is seen at 27651 and below could see a test of 27331. Resistance is now likely to be seen at 28166, a move above could see prices testing 28361.

Trading Ideas:

Silver trading range is 27331-28361.

Silver closed sharply higher as traders bought to cover positions

Silver is taking resistance at 28100 and support is at 27860.

In spot silver looks to take support at 18.32$ and resistance at 18.62$.

BUY SILVER @ 28020 SL 27950 TGT 28080-27160. MCX