Silver opened at 1295/1299 and traded down early on in the session, hitting a low of 1271/1275 before drifting upwards later on in the morning. The dollar weakness that drove gold provided an even greater boost to silver, which surged to its high of 1335/1339. However, as oil came off its intraday high, silver slipped by even more than gold and eventually closed at 1311/1315. Now support for the silver is seen at 19410 and below could see a test of 18736. Resistance is now likely to be seen at 20549, a move above could see prices testing 21014.
Trading Ideas: TRADING RANGE IS 18730-21000.
SELL SILVER BELOW 20000 SL 20156 TGT 19868-19820-19745-19620-19548. MCX
GOLD / SILVER RATIO IS NOW ABV 62 MARK INDICATING THE BERISHNESS IN SILVER.
Courtesy: JRG Wealth Management
