Silver rose rallying after holdings of metal in the world's largest silver-backed ETF hit another record high. Spot silver has risen by nearly 9 percent in the last five trading days on speculative buying after following a sell-off after U. S. commodity exchange CME Group rose silver margins sharply to reduce market volatility. The Gold Silver ratio is closing today at 49.08. Support is close by at November low 48.55 followed by 2008 Low of 47.52. Now technically market is trading in the range as RSI for 18days is currently indicating 66.63, where as 50DMA is at 36616 and silver is trading above the same and getting support at 41286 and below could see a test of 40809 level, And resistance is now likely to be seen at 42159, a move above could see prices testing 42555.

Trading Ideas:

Silver trading range is 40809-42555.

Silver rose rallying after holdings in silver-backed ETF hit another record high

Silver is having resistance at 41940 and support at 41480 level.

Holdings at ishares silver trust rose by 27.36 tonnes to 10841.98 tonnes.