CO: Buying Silver would be beneficial in short run
Silver gained ground along with copper. Stronger-than-expected housing data and an optimistic outlook from FedEx helped sentiment for industrial metals.
Although silver is a precious metal that often trades in tandem with gold, it is also more widely used for industrial applications than is the yellow metal.
Now technically market is trading in the range as RSI for 18days is currently indicating 51.79, where as 50DMA is at 29177 and silver is trading below the same and getting support at 29004 and below could see a test of 28840 level, And resistance is now likely to be seen at 29279, a move above could see prices testing 29390.
Trading Ideas:
Silver trading range is 28840-29390.
Silver prices ended positive along with rising copper prices
Silver is taking resistance at 29280 and support is at 29000.
In spot silver looks to take support at 17.94$ and resistance at 18.28$
