Silver yesterday again showed a volatile day and settled lower tracking weakness in crude and base metal prices. Silver opened the day at 29220, as investors dumped the metal. Prospects looked promising early as the commodity hit a high of 29436, as funds sensed an opportunity and increased buying. Dragged down by gold and slumping equities, silver took a turn for the worse, taking it to a low of 28590 on the day. During the tail end of the session, the metal recovered some of its losses, eventually closing at 28762.Now support for the silver is seen at 28423 and below could see a test of 28083. Resistance is now likely to be seen at 29269, a move above could see prices testing 29775.

Trading Ideas:

Silver trading range is 28083-29775.

Silver yesterday settled lower tracking weakness in crude and base metal prices

Silver is taking resistance at 28880 and support is at 28620.

In spot silver looks to have a support at 17.92$ and resistance is at 18.32$.

SILVER BELOW 29000 LOOK WEAK TO TEST 28560 LEVEL WAIT FOR ENTRY.