Silver resumed its rally yesterday after last week's decline tracking higher base metal prices, sharply outperforming gold. Silver climbed dropping the gold/silver ratio to near its lowest level in four years. The world's largest silver-backed exchange-traded fund, iShares Silver Trust, said its holdings eased to 10,891.18 tonnes by Dec 13 from a record high of 10,941.34 tonnes hit on Dec 7. Silver opened the day on its lows at 43439. A slow recovery for most of the rest of the session until short covering propelled the metal to an intraday high of 44695. Range trading for the remainder of the day took us to a close of 44406. Now technically market is trading in the range as RSI for 18days is currently indicating 64.61, where as 50DMA is at 39991.44 and silver is trading above the same and getting support at 43665 and below could see a test of 42924 level, And resistance is now likely to be seen at 44921, a move above could see prices testing 45436.

Trading Ideas:

Silver trading range is 42924-45436.

Silver ended higher tracking higher base metal prices

Silver is having resistance at 44680 and support at 44160 level.

Holdings at ishares silver trust fell by 50.16 tonnes to 10891.18 tonnes