Silver prices rallied to hit fresh all-time highs on hectic buying by stockists and speculators driven by strong trend in overseas markets. The gold/silver ratio broke lower through August’s low of 64.30 to 63.75. On the longer term chart the gold/silver ratio is quite bearish while the ratio holds below 64.90. Silver opened the day on its lows at 30720. The metal later rallied to a high of 31155 on strength in gold and base metals, before concluding the session off its high at 31056 as funds captured profit. Now support for the silver is seen at 30799 and below could see a test of 30542. Resistance is now likely to be seen at 31234, a move above could see prices testing 31412.

Trading Ideas:

Silver trading range is 30542-31412.

Silver prices rallied to hit fresh all-time highs on hectic buying by stockists

Silver is taking resistance at 31235 and support is at 30800.

In spot silver silver looks to take support at 19.38$ and resistance at 19.76$