Silver opened at 22372 on MCX. The metal dropped as the session started, reaching an intraday low of 22362. Stronger oil and base metal prices inspired dealers to buy the metal, carrying it from its lows.
Silver pushed through 22520, peaking at 22575 before light selling pulled it lower, finding support near 22460. It traded sideways as investors stepped away from the market. The metal became well bid as the dollar slumped and equity markets rallied, finally closing at 22491.
Now support for the silver is seen at 22377 and below could see a test of 22263. Resistance is now likely to be seen at 22590, a move above could see prices testing 22689.
Trading Ideas: Silver trading range is 22200-23100.
Stronger oil and base metal prices inspired dealers to buy silver
Imp sup is at 13.88$ below this 13.72-13.58$ is next sup.
Buy silver July above 22565 SL 22450 TGT 22605-22658-22712-22780.
Mkt will get resistance at 22900-22940 level and at 14.28$ on spot.
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