Silver rose along with gold prices. Bargain hunting and short covering boosted the metals. Silver gained ground this week to close back above the 28800 price point, though the metal remains a 10-week range trade between 28000 and 30200.
The relative out performance in silver did nothing to violate the uptrend support in the gold/silver ratio. Daily support for the ratio now holds at 66.35 and looks set to pressure longer term gold out performance.
Now support for the silver is seen at 28860 and below could see a test of 28821. Resistance is now likely to be seen at 28929, a move above could see prices testing 28959.
Trading Ideas:
Silver trading range is 28465-29055.
Silver rose along with gold prices on bargain hunting
Silver is taking resistance at 29060 and support is at 28740.
In spot silver looks to have a support at 17.92$ and resistance at 18.34$
BUY SILVER SEPT @ 28700-750 SL 28620 TGT 28810-28880-28960.MCX
