Silver yesterday ended the week higher on hectic buying by stockists, driven by a bullish trend in global markets. The trading sentiment was extremely buoyant after gold surged to a record high in global markets as dollar weakness spurred demand for the precious metal as an investment haven. Silver is posting its third strong up weeks in the past four sessions at current 32256. The Gold Silver ratio moved lower for the fourth consecutive week. The move started at 68.35 and should see support at the 2010 low of 60.77. Now support for the silver is seen at 32045 and below could see a test of 31834. Resistance is now likely to be seen at 32473, a move above could see prices testing 32690.

Trading Ideas:

Silver trading range is 31834-32690.

Silver yesterday ended the week higher on hectic buying by stockists

Silver is taking resistance at 32470 and support is at 32045.

Holdings at ishares silver trust rose by 38.05 tonnes to 9381.74 tonnes