CO: Buying Silver would be beneficial in short run
Silver slid falling to their lowest levels since June 7 as investors found little reason to hold bullish positions on the precious metal amid stabilizing global markets. Silver's price action remains bearish, having tested a new one-month intraday low.
The one-month downtrend, with resistance at 28450, remains the key topside level that nullifies the current bearish price action. Silver has underperformed gold over the past two sessions, as the Gold-Silver ratio has rebounded rapidly back above the 66 level to 66.44.
Downtrend resistance in the ratio corresponds to the sharp one month downtrend in spot gold, and comes in at 66.88.
Now support for the silver is seen at 28030 and below could see a test of 27803. Resistance is now likely to be seen at 28481, a move above could see prices testing 28705.
Trading Ideas:
Silver trading range is 27803-28705.
Silver ended lower due to lack of refuge demand
Silver is taking resistance at 28380 and support is at 28100.
In spot silver looks to take support at 17.36$ and resistance at 17.64$
