Silver yesterday rose on buying support tracking rising base metal prices after prices fall earlier in the day on profit booking. Silver is also being helped by being the cheaper alternative to gold as well as benefiting from the improving industrial picture. Silver's rally has to be viewed in the context of being a more volatile metal, as well as the amount of investor interest in the metal. The Gold Silver ratio is lower at current 56.03. We have started our ninth down week in a row in this ratio. Silver opened at 36150 dipping with crude to its intraday low of 36551 in the early morning. Renewed buying interest as base metals recovered saw silver reach its high of 36446. Quiet trading took the metal to its close at 36410. Now support for the silver is seen at 35825 and below could see a test of 35241. Resistance is now likely to be seen at 36720, a move above could see prices testing 37031.

Trading Ideas:

Silver trading range is 35241-37031.

Silver yesterday rose on buying support tracking rising base metal prices

Silver is having resistance at 36720 and support at 35825 level.

In spot silver looks to have a support at 24.16$ and resistance is at 24.52$