silver intraday

Silver weak till 24680-350
09 July 2008 11:50:21

Silver opened at 1754/1757 in New York. After a short rally, a recovering USD pulled the metal down to its low of 1747/1750. Silver bounced back quickly as the dollar reversed its direction and started to decline. Silver reached a high of 1790/1793 before closing at 1786/1789. Now support for the silver is seen at 24781 and below could see a test of 24413. Resistance is now likely to be seen at 25466, a move above could see prices testing 25783.

Trading Ideas:

• TRADING RANGE IS 24413-25783.
• SELL SILVER @ 25500-580 SL 25735 TGT 25365-270-122-25000. MCX
• BELOW 25000 MKT IS WEAK TILL 24680-350 LEVEL.

MCXARUN