Silver dropped yesterday on profit selling amid as dropped in global markets, as Japan's strongest quake and a worsening nuclear accident spurred concern that the global economic recovery may be hurt, prompting a selloff incommodities. Silver opened the day at 53802, reaching an intraday low of 51370. Buying interest as crude and base metals began to reverse their slide lower supported the silver. As with gold, another round of profit taking took the metal to its close of 5. Now technically market is trading in the range as RSI for 18days is currently indicating 58.23, where as 50DMA is at 47837.94 and silver is trading above the same and getting support at 51035 and below could see a test of 49987 level, And resistance is now likely to be seen at 53467, a move above could see prices testing 54851.
Trading Ideas:
Silver trading range is 49987-54851.
Silver dropped yesterday on profit selling amid as dropped in global markets
Silver is having resistance at 52460 and support at 51735 level.
Holdings at ishares silver trust fell by 50.1 tonnes to 10907.26 tonnes.
(Source: http://www.topnews.in/commodity-trading-tips-silver-kediacommodity-2317711)
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