Commodity Outlook for Silver by KediaCommodity

SilverSilver gained on news that a gauge of jobless benefits hit a new two-year low, pending home sales unexpectedly rose in October, and retailers posted their best sales gains in four years in November. The prices of silver were also supported by strong gains in base metal prices. The Gold Silver ratio has broken fresh 2010 lows to 48.17. The ratio is closing at 48.45 which keep’s focus on 2008 low of
47.52. Silver opened at 43290. Reaching an intraday low of 43030 after jobs data, silver recovered in line with base metals to an intraday high of 43870. As with gold profit taking dragged the metal down eventually closing the day at 43285. Now support for the silver is seen at 42920 and below could see a test of 42555. Resistance is now likely to be seen at 43760, a move above could see prices testing
44235.

Trading Ideas:

Silver trading range is 42555-44235.

Silver ended positive getting support gains strong gains in base metal prices

Silver is having resistance at 43450 and support at 43080 level.

Holdings at ishares silver trust dropped by 4.01 tonnes to 10778.68 tonnes