Silver declined with copper prices as silver is also used as industrial purposes. Industrial metals were hit in part on concerns China will soon move to tighten its monetary policy. Silver opened the day at 28461. Sideways trading as the market opened saw Silver trade to an intraday high of 28542. As commodities and equities sold off, profit taking took the metal lower, eventually triggering resting stops around 28000. Some range trading followed until renewed fund selling interest took us to an intraday low of 27450. Light trading in the afternoon took us to a close of 27605. Now support for the silver is seen at 27189 and below could see a test of 26774. Resistance is now likely to be seen at 28281, a move above could see prices testing 28958.

Trading Ideas:

Silver trading range is 26774-28958.

Silver ended lower tracking weakness in base metal and crude prices.

Silver is taking resistance at 27720 and support is at 27480.

In spot silver looks to take support at 17.52$ and resistance at 17.88$.

SELL SILVER JULY BELOW 27550 SL 27660 TGT 27460-27380-27320.MCX