Commodity Outlook for Silver by KediaCommodity

SilverSilver is closing higher the week at 18.25$. Silver has alternated between up and down weeks for the past 7 sessions. It is interesting to note the 7 week moving average is near at 18.30$. Silver lacks direction, but Gold is in a bull trend, so we would expect the Gold Silver ratio to drift higher. The Gold Silver ratio has actually dropped this week from 69.64 to 67.27. The ratio has alternated in direction for the past 6 weekly sessions so if this continues look for a move higher next week. Now support for the silver is seen at 29146 and below could see a test of 29110. Resistance is now likely to be seen at 29211, a move above could see prices testing 29240.

Trading Ideas:

Silver trading range is 29110-29240.

Silver ended weak on Saturday on continued booked profits

Silver is taking resistance at 29320 and support is at 29060.

In spot silver looks to take support at 18.04$ and resistance at 18.35$

BUY SILVER JULY @ 29100-160 SL 29000 TGT 29240-29300-29378.MCX