Silver yesterday ended down heavily on profit booking after prices to its records high at Rs 34928 earlier in the day. Weakness in base metal and gold prices also supported the fall in silver prices. The Gold Silver ratio traded as low as 57.84 before reversing back to current 58.99. The ratio is also showing as a potential outside day reversal. Silver opened strong at 34420 rising to its high of 34928 with crude and base metals. As with gold, the strength of the dollar reversed the trend taking silver to its low of 33791 late in the session. Late day buying after the sizable drop brought the metal to its close of 33952.Now support for the silver is seen at 33519 and below could see a test of 33087. Resistance is now likely to be seen at 34656, a move above could see prices testing 35361.

Trading Ideas:

Silver trading range is 33087-35361.

Silver yesterday ended down heavily on profit booking after prices to its records high

Silver is having resistance at 34656 and support at 33519 level.

Holdings at ishares silver trust rose by 53.25 tonnes to 9997.39 tonnes