Commodity Outlook for Silver by Kedia Commodity

SilverSilver jumped to a new milestone of Rs 39,525 a kilo, driven by strong global movements and highly speculative positioning by stockists. Silver is closing the week at a new record high of 39000. The metal survived a correction to
36000 before running to fresh record high of 38615. This move started three months ago at 29000 and price shows 10 up weeks in the past 11 sessions. The metal is at the top of its rising bull channel. A break above 39000 opens up a measured target of 42000. The Gold Silver ratio remains very bearish with the ratio dropping to current 52.28. We see support for this ratio at 50.76 and 47.52. Now support for the silver is seen at 38736 and below could see a test of 38105. Resistance is now likely to be seen at 39761, a move above could see prices testing 40155.

Trading Ideas:

Silver trading range is 38105-40155.

Silver ended higher driven by strong global movements

Silver is having resistance at 36540 and support at 39200 level.

Holdings at ishares silver trust rose by 57.79 tonnes to 10195.71 tonnes