Silver eased slightly on concerns about industrial demand on a day that other industrial metals such as copper softened. Silver opened at 27158 on MCX. Short covering in front of the US economic data carried the metal to an intraday high of 27224. It retreated of its highs and traded quietly, finding support near 27050. Light fund selling pulled the metal lower and it later reached a low of 26957. A short squeeze near the latter end of the session took the metal higher and it finally settled at 27106. Now support for the silver is seen at 26967 and below could see a test of 26829. Resistance is now likely to be seen at 27234, a move above could see prices testing 27363.

Trading Ideas:

Silver trading range is 26829-27363.

Silver ended down tracking the weakness in copper prices

Silver is taking support at 27020 on MCX and in spot support is at 17.22$

Spread between Silver MAY & JUL contracts yesterday traded in the range of 189 - 215.

SELL GOLD APR 16780-16800 SL 16842 TGT 16756-16710-16670.MCX