Silver yesterday ended lower tracking weak gold prices on profit booking. Earlier in the day silver prices rallied to hit fresh all-time highs on hectic buying by stockists and speculators driven by strong trend in overseas markets. Silver opened the day at 30880 trading up to its high of 30998 shortly after as base metals and crude made gains. Even as crude and base metals continued their strong gains, silver tracked gold and began profit taking reaching its intraday low of 30651 where it settled into range trading to quietly close at 30748.Now support for the silver is seen at 30600 and below could see a test of 30452. Resistance is now likely to be seen at 30947, a move above could see prices testing 31146.

Trading Ideas:

Silver trading range is 30452-31146.

Silver yesterday ended lower tracking weak gold prices on profit booking

Silver is taking resistance at 30900 and support is at 30600.

Holdings at ishares silver trust rose by 53.27 tonnes to 9280.40 tonnes