Commodity Outlook for Silver by KediaCommodity
Silver yesterday ended lower as expected tracking weakness in gold and base metals counter. Weakness mainly came after China's rate hike. The Gold Silver ratio is unchanged on the day at 56.27. In the past we would have seen a significant bounce in the ratio in a liquidation environment. Silver opened at 36351 with a quick jump to its intraday high of 36423 shortly after the open. With base metals and crude falling silver also lost ground, trading to its low of 35380 with stops being triggered around the 35600 and 35450 levels early in the session. Fund buying brought the metal back up near to its high but could not hold on, eventually closing at 35685. Now support for the silver is seen at 35236 and below could see a test of 34786. Resistance is now likely to be seen at 36279, a move above could see prices testing 36872. Trading Ideas:
Silver trading range is 34786-36872.
Silver yesterday ended lower tracking weakness in gold and base metals counter
Silver is having resistance at 35810 and support at 35460 level.
In spot silver looks to have a support at 23.16$ and resistance is at 23.52$