Commodity Outlook for Silver by KediaCommodity

SilverSilver yesterday ended down in a volatile trading day as some traders booked profit ahead of US holiday.  The weakness in silver got limited getting support from rising copper and crude oil prices. The Gold Silver ratio is lower today at 49.83. Major support is seen at 47.52 from 2008 low. Now technically market is trading in the range as RSI for 18days is currently indicating 66.64, where as 50DMA is at 36986 and silver is trading above the same and getting support at 41492 and below could see a test of 41112 level, And resistance is now likely to be seen at 42161, a move above could see prices testing 42450.

Trading Ideas:

Silver trading range is 41112-42450.

Silver yesterday ended down tracking weakness in gold prices

Silver is having resistance at 42112 and support at 41680 level.

In spot looks to have a resistance at 27.92$ and support at 27.20$.