Commodity Trading Tips for Silver by KediaCommodity

Silver jumped to its highest since early 1980 on Tuesday on inflation concerns and a rise in ETF holdings to another record, while gold edged down as the euro held below this week's five-month high versus the dollar. Silver on MCX rosed to the highest at 56682 that is closed up by +1.41%, Spot silver rose as high as $38.72 an ounce and was quoted at $38.68 an ounce, up 26 cents where us gold eased 45 cents to $1,436.10 an ounce. IShares Silver Trust said its holdings rose to another record at 11,162.45 tonnes by April 4 from 11,139.52 tonnes on March 24. Market remains wary of silver's extreme volatility, which has led to some heart-stopping reversals in recent years. When commodities sold off heavily in mid-March, silver dropped nearly 5 percent in a single day, versus gold's 2 percent fall. Now silver is getting support at 55831 and below could see a test of 55777 level, And resistance is now likely to be seen at 55964, a move above could see prices testing 56043.

Trading Ideas:

Silver trading range is 55705-57253.

Silver jumped to record high on inflation concerns and a rise in ETF holdings to another record

Silver is having resistance at 56968 and support at 56194 level.

Holdings at ishares silver trust 22.93 tonnes to 11162.45 tonnes.

(Source: http://www.topnews.in/commodity-trading-tips-silver-kediacommodity-2321128)