Silver is showing as two down weeks at its level of 16.99$. The inability to revisit last weeks high of 17.64$ has taken a bit of the shine off the metal.

The bearish close puts our bullish Silver view at risk. Our view shifts neutral should we see a break of 50% support level at 16.76$.

The Gold Silver ratio is showing as an up week at 65.14. This follows 5 down weeks in a move that came from 70.82 to this weeks low of 64.13.

We are bearish the ratio but would turn neutral on a break of former 50% level at 65.80. Now support for the silver is seen at 26550 and below could see a test of 26510.

Resistance is now likely to be seen at 26621, a move above could see prices testing 26652.

Trading Ideas:

Silver trading range is 26510-26652.
Silver also tracking gold falling on strong dollar and rise in rates in India
Silver is taking support at 26480 on MCX and in spot support is at 16.78$
The Gold Silver ratio has shown an up week at 65.14.
BUY SILVER MAY AT 26500-520 SL 26420 TGT 26570-26640-26720-26780.MCX

Courtesy: Kedia Commodities

Get geopolitical analysis to spot trends

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook