Silver advanced the week helped by gains in equities and industrial metals. Silver on the weekly chart is making another strong up session to current 33118. This marks the 5th strong up session in the past 6 weeks in a move that started off 29000. The Gold Silver ratio continues to move lower. The ratio has moved lower for the 6th straight week from 68.32 to current 59.67. Our target remains 58.41 the 2009 low but we would not be surprised to see a deeper extension lower. Now support for the silver is seen at 32930 and below could see a test of 32743. Resistance is now likely to be seen at 33275, a move above could see prices testing 33433.

Trading Ideas:

Silver trading range is 32743-33433.

Silver advanced the week helped by gains in equities and industrial metals

Silver is having resistance at 33275 and support at 32930 level.

In spot silver looks to have a support at 21.72$ and resistance at 22.16$