Silver yesterday ended higher tracking higher gold prices. Some dip can be seen till 30500 level on profit booking. The gold/silver ratio declined to 64.55 and we now see initial support at the August low of 64.29, with a break opening up April’s low of 62.65.Silver commenced the day at 30342 and made a low of 30212. The metal continued to imitate gold’s performance during the session as it was boosted and continued to progress to a high of 30925 and finally silver closed the day at 30887. Now support for the silver is seen at 30424 and below could see a test of 29962. Resistance is now likely to be seen at 31137, a move above could see prices testing 31388.

Trading Ideas:

Silver trading range is 29962-31388.

Silver yesterday ended higher tracking higher gold prices

Silver is taking resistance at 31000 and support is at 30700.

Holdings at ishares silver trust rose by 30.44 tonnes to 9227.13 tonnes