Silver prices yesterday settled flat on intraday profit booking but earlier prices jumped on investors' pursuit for alternatives against melting global equities. Silver opened the day at 31450 and made a low of 31125 tracking weak copper prices. As in gold, the metal jumped to an intraday high of 31638 but quickly slipped back as longs took profit .Range trading took us to a close of 31457. The Gold Silver ratio moved slightly higher to 63.22. Now support for the silver is seen at 31177 and below could see a test of 30896. Resistance is now likely to be seen at 31685, a move above could see prices testing 31912.

Trading Ideas:

Silver trading range is 30896-31912.

Silver prices yesterday settled flat on intraday profit booking

Silver is taking resistance at 31685 and support is at 31300.

Silver holdings rose 0.6% at 76.441 million ounces - Zurich Cantonal Bank