Silver market weak below 2300

Silver opened at 1658/1662 in New York and hit a high of 16.61/16.65. Prices declined on the back of a rallying dollar, reaching a low of 1616/1620 before receiving support at that level. Silver recovered, but met with resistance around 1631 where it followed some up and down movement before eventually closing at 1623/1627. Now support for the silver is seen at 22526 and below could see a test of 22235. Resistance is now likely to be seen at 23282, a move above could see prices testing 23747.

Trading Ideas:

TRADING RANGE IS 22235-23750
BUY SILVER @ 22480-540 SL 22400 TGT 22590-22670-22740-22860. MCX
BELOW 23000 MARKET IS WEAK ONLY BUT A TECHNICALLY LOOKING FOR A JUMP.

Analysis Courtesy: JRG Wealth Management