Silver yesterday opened at 49450 and dipped to the day's low at 48826 as pressure from basemetal seen but as day processed strong gains in crude pared silver’s earlier losses and pulled silver to make a intraday high of 20389 as support from gold and crude seen after news of spreading turmoil in Libya and soaring oil prices. Holdings in the world's largest silver-backed ETF, iShares Silver Trust, rose to one-month high of 10,575.23 tonnes by Feb 23. Strong industrial and investment demand, coupled with mining companies' need to borrow the metal for hedge programs have led to a squeeze in physical silver market recently. Now technically market is trading in the range as RSI for 18days is currently indicating 71.72 and getting support at 49106 and below could see a test of 48185 level, And resistance is now likely to be seen at 50669, a move above could see prices testing 51311.

Trading Ideas:

Silver trading range is 48185-51311.

Silver prices gained due to low level buying by stockists amid firm industrial support

Silver looks to get resistance at 50250 and support at 49820 level.

Holdings at ishares silver trust rose by 232.34 tonnes to 10575.23 tonnes.

SELL SILVER MAR BELOW 49000 SL 49360 TGT 48820-48650-48465.MCX

Silver $ FIX is at : 33.29 & CURRENTLY SILVER $ IS TRADING AT : 33.52 & DOWN BY -0.03%