Silver opened at 1325/1330 and traded quietly, however the metal later surged higher hitting a high of 1378/1383. This move quickly reversed and silver plunged before finding support near 1325. The metal later traded through this level and slipped to an intraday low of 1302/1307.
It recaptured lost ground as the session unwound, to close at 1317/1322. Now support for the silver is seen at 20378 and below could see a test of 20054. Resistance is now likely to be seen at 21209, a move above could see prices testing 21712.
Trading Ideas: TRADING RANGE IS 20000-21250.
BUY SILVER ON DIP TILL 20500-560 SL 20380 TGT 20640-20712-20780-20880. MCX
TRADER CAN BUY SILVER ABV 20940 SL 20780 TGT 20989-21078-21172. MCX
SILVER RATIO IS NOT MOVING SILVER CAN FIRM NOW IMP SUPPORT 13$
Courtesy: JRG Wealth Management
