Silver rose with gold and also got help from a rally in copper prices since the gray metal is more widely used in industry than gold. Silver ended the week at 29804, which is also down small from last week’s 29913. Silver made a high this week to 30118. The 2010 high of 30163 remains a near term target for long Silver positions. The Gold-Silver ratio closed the week at 65.81 which is slightly higher than last Friday’s 65.55. Now support for the silver is seen at 29747 and below could see a test of 29691. Resistance is now likely to be seen at 29867, a move above could see prices testing 29931.

Trading Ideas:

Silver trading range is 29519-30017.

Silver ended higher tracking the firmness in gold prices

Silver is taking resistance at 29940 and support is at 29660.

Holdings at ishares silver trust fell by 31.99 tonnes to 9176.84 tonnes

BUY SILVER JULY @ 29600-660 SL 29480 TGT 29745-29820-29900.MCX