Silver climbed to its all time high last week as investment appetite for the precious metals improved. Silver reached its all time high on Friday of 31444 on Friday, finishing above its former consolidation top for only the second week. The gold/silver ratio has broken a long term trend line support on the weekly chart and with 62.74 already achieved, the focus turns to 60.77. Now support for the silver is seen at 30960 and below could see a test of 30597. Resistance is now likely to be seen at 31565, a move above could see prices testing 31807.

Trading Ideas:

Silver trading range is 31599-30701.

Silver climbed to its all time high last week as investment appetite improved

Silver is taking resistance at 31565 and support is at 31180.

Holdings at ishares silver trust fell by 3.67 tonnes to 9276.73 tonnes