Silver: Silver in last three trading session is trading in tight range where on higher side it failing to cross the higher resistance level of 33$ which it tested yesterday and its making higher bottom where support is seen at 31.5 level. Today after sideway opening at 32.53 it is trading negative at 32.36$ and is near to the support level of 32$ and next support is coming at 31.20$. On higher if resistance of 33$ holds then it’s expected to give selling pressure where 31.6$ to 31$ can be the expected target. On higher side only on closing basis above 33$ will hamper the bearish outlook in silver where it will test 36$ to 40$ on higher side. Stochastic are trading in overbought zone and is showing negative intersection and indicating short term top is placed where some selling can be expected, this bounce was just taking a breath in market before starting of the fresh down side rally.
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