Strong last week gains in base metals saw supportive for the silver, Spot silver touched a 30-year high of $30.93 an ounce earlier, but eased to $30.67. Holdings in the world's largest silver-backed exchange-traded fund, iShares Silver Trust, rose for the first time since Dec 17 to 10,921.57 tons by Dec 31 from 10,903.34 tons. Now technically market is trading in the range as RSI for 18days is currently indicating 70.49, where as 50DMA is at 42585.76 and silver is trading above the same and getting support at 46225 and below could see a test of 46187 level, And resistance is now likely to be seen at 46305, a move above could see prices testing 46347.

Trading Ideas:

Silver trading range is 46187-46347.

Silver touched a 30-year high of $30.93 an ounce earlier on fresh buying and dollar weakness.

Silver is having resistance at 46348 and support at 45965 level.

Silver's MACD is also showing negative divergence, removing some of the metal's shine.

SELL SILVER MAR @ 46300-360 SL 46480 TGT 46220-46125-46020.MCX

Silver $ FIX is at : 30.63 & CURRENTLY SILVER $ IS TRADING AT : 30.78 & DOWN BY -0.26%