Silver continued their recent run higher on investment-type demand and chart-based buying, outperforming the other precious metals as gold finished near steady.
Also as told the support from base metal will continuous in the market will support the silver, Now trader is eyeing towards $15.02, their most muscular level since August. Silver opened at 14.54$ and quickly slipped to a low of 14.51$.
This move later reversed as oil rallied and the USD retreated. The buying was persistent throughout much of the session, climbing above 15.00$, peaking at 15.01$. It could not sustain this level very long as profit taking dragged it lower.
The market remained well offered as the session came to a close, settling at 14.84$. Now support for the silver is seen at 22734 and below could see a test of 22304. Resistance is now likely to be seen at 23471, a move above could see prices testing 23778.
Trading Ideas:
Silver trading range is 22650-23780.
Silver continued their recent run higher on investment-type demand & backup by base metal.
MCX Silver July sell below 23100 SL 23222 TGT 23025-22960-22910-22845.
Evening data are weak so add short below 22820 SL 230000 TGT 22650-22480. MCX
Overseas counter look strong buying looks till 14.40$ for TGT 14.74$
Silver $ fix is at: 0 & currently silver $ is trading at : 14.63 & down by -0.68%
