Silver yesterday ended lower but recovered most of its losses tracking firm gold prices. As told last week also 29000 level will be the important same is seen yesterday again as silver failed to break 29000 level. Silver slipped to 29000 level, continuing the sideways price action that we've witnessed for the past three months. The 50% level of the three month range is 29600, with the closest downside support seen at 28800. The gold/silver ratio reclaimed its last two days of losses, rising to 66.83, with resistance seen at the mid-July high of 67.18 followed by early July's high of 67.97. Now support for the silver is seen at 29015 and below could see a test of 28731. Resistance is now likely to be seen at 29577, a move above could see prices testing 29855.

Trading Ideas:

Silver trading range is 28731-29855.

Silver yesterday ended lower but recovered most of its losses tracking

firm gold prices

Silver is taking resistance at 29460 and support is at 29160.

In spot silver looks to take support at 18.32$ and resistance at 18.60$