silver intraday

Silver has finally stabilized back toward 17.49. Friday’s move toward 17.00 seemed like an overshoot liquidation and it looks like we should continue to recover over the next couple of days towards 18.00. Silver has been particularly weak, so the risk is for another move lower toward 16.50.

The gold-silver ratio set fresh highs near 53.59 earlier today, but has since backed off to the 53.18 level. Now support for the silver is seen at 24010 and below could see a test of 23713. Resistance is now likely to be seen at 246753, a move above could see prices testing 25043.

Trading Ideas:

TRADING RANGE IS 23710-25050.
SELL SILVER @ 24580-650 SL 24756 TGT 24480-24411-24335-24220. MCX
A BREAK FO 24000 LEVEL WILL PULL THE MARKET TILL 23650-23480 LEVEL.
IMP WILL BE 17.22-17.80 IN SILVER SPOT

MCXARUN
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