Silver declined with gold prices. The metals were under pressure from a stronger U.S. dollar and market caution ahead of U.S. payrolls data. Silver fell further than gold in percentage terms as it also came under pressure with copper. Expectations of higher U.S interest rates are also hampering the base metals and silver. Silver opened at 26080 and made a high of 26340 and retreated as investors dumped the metal. The selling continued as the dollar advanced and equity markets slumped, retreating to an intraday low of 25460. It traded quietly as the session came to a close, finally settling 25541. Now support for the silver is seen at 25221 and below could see a test of 24900. Resistance is now likely to be seen at 26101, a move above could see prices testing 26660.

Trading Ideas:

Silver trading range is 25100-25900.

Silver declined as metal were under pressure from a stronger U.S. dollar and copper

Silver is taking support at 25420 and resistance at 25670 level.

Expectations of higher U.S interest rates are also hampering the silver prices

BUY SILVER MAR @ 25500-550 SL 25460 TGT 25600-25656-25698-25745-25790. MCX