Silver rallied to its record high of Rs 34135 tracking gold which touched a record high earlier as the euro jumped to a session high versus the dollar. The Gold Silver ratio moved lower again today to current 58.93. Silver, not to be outshone by gold, opened at 33125 dipping quickly to its low of 33066. The metal however recovered from this dip on solid gains in base metals and crude, eventually reaching its high of 34135 late in the session. Silver closed the day at 34101. Now support for the silver is seen at 33400 and below could see a test of 32698. Resistance is now likely to be seen at 34469, a move above could see prices testing 34836.

Trading Ideas:

Silver trading range is 32698-34836.

Silver rallied to its record high of Rs 34135 tracking higher gold prices

Silver is having resistance at 34469 and support at 33400 level.

Holdings at ishares silver trust rose by 94.32 tonnes to 9877.20 tonnes