Silver dropped by another -1.20% to settled at 55135 tracking silver in comex which tumbled by -2.45% to trade at a four-month low of $29.39 a troy ounce as Greek and

French elections added to uncertainties in the euro zone plagued by the region’s debt crisis. The new French president is against austerity measures while Greece’s

failure to build a new government triggers speculation the debt-ridden nation may exit the euro zone. Gold and silver are expected to stay at the lower as escalating fears

about Greece's political crisis continued to weigh on the euro and bullion. The political turmoil in Greece deepened, as the new leadership sought to form a government

that threatens to renege on the bailout plan and drive Greece out of the euro zone, sending jitters to financial markets. Worries about Greece's crisis pushed German Bund

yields to record lows as investors fled risk assets to seek safe havens. Although bullion appeal as a safe haven is boosted during times of economic uncertainty, the euro

zone’s debt crisis has done little to bolster appetite for the precious metal. Now technically market is trading in the range as RSI for 18days is currently indicating 31.56,

where as 50DMA is at 57918 and silver is trading below the same and getting support at 54777 and below could see a test of 54418 level, And resistance is now likely to

be seen at 55572, a move above could see prices testing 56008.

Trading Ideas:

Silver trading range for the day is 54418-56008.

Silver extended losses as concerns over political uncertainty in Greece mounted.

Investors remained nervous amid concerns over renegotiate the euro zone’s fiscal pact.

Comex, silver tumbled 2.45% to trade at a four-month low of USD29.39 a troy ounce.