Silver prices rose as speculators enlarged their positions on pick in demand at spot markets. Firming trend in the Asian region also influenced the trading sentiment. The Gold Silver ratio pushed lower again to 61.94. This is the first close below April’s low of 62.66 and now opens up a move to the 2010 low of 60.77. We are very bearish the Gold Silver ratio with big picture target 58.41. Silver opened the day at 31288, before fund interest, on the back of firm base metal prices, took us to a high of 31650. A quiet session took us to a close of 31586. Now support for the silver is seen at 31328 and below could see a test of 31070. Resistance is now likely to be seen at 31747, a move above could see prices testing 31908.

Trading Ideas:

Silver trading range is 31070-31908.

Silver prices rose as speculators enlarged their positions on pick in demand at spot markets

Silver is taking resistance at 31745 and support is at 31330.

In spot silver looks to have a support at 19.82$ and resistance at 20.24$