Silver slumped over 6 percent on profit booking on tighter margin requirements. Weakness in gold and base metal prices also led to pull down in silver prices. The turn in Silver comes as the Gold Silver ratio hit 49.99 today before bouncing to current 51.70. The bounce in the ratio warns of a potential turn in the down move that has travelled from 68.35 to 49.99 since August 23.Now technically market is trading in the range as RSI for 18days is currently indicating 64.97, where as 50DMA is at 35016 and silver is trading above the same and getting support at 38858 and below could see a test of 37817 level, And resistance is now likely to be seen at 41708, a move above could see prices testing 43517.

Trading Ideas:

Silver trading range is 37817-43517.

Silver slumped over 6 percent on profit booking on tighter margin requirements

Silver is having resistance at 40080 and support at 39700 level.

Holdings at ishares silver trust rose to records by 352.79 tonnes to 10718.82 tonnes