Silver opened the day strong at 50150 with strong gains in crude coupled with Libyan unrest saw the metal reach an intraday high of 50199 in the early session. Profit taking as crude pared earlier gains saw the metal reach an intraday low of 48621 quiet trading for the remainder of the day saw silver close at 49220. Despite the broad-based risk aversion that swamped many commodity markets, silver have avoided the worst of the downdraft. Silver metals seem well bid as tensions around the Middle East persist and, despite commodity-wide sell-offs as risk was taken off the books, dips were well bought throughout the day, with highly volatile trading day. Now technically market is trading in the range as RSI for 18days is currently indicating 70.03, where as 50DMA is at 44885.6 and silver is trading above the same and getting support at 48494 and below could see a test of 47769 level, And resistance is now likely to be seen at 50072, a move above could see prices testing 50925.

Trading Ideas:

Silver trading range is 47769-50925.

Silver lost steam as investors cash in on the metals' recent rally

Silver looks to get resistance at 49480 and support at 49000 level.

Holdings at ishares silver trust fell by 176.16 tonnes to 10342.89 tonnes.

Silver $ FIX is at : 32.89 & CURRENTLY SILVER $ IS TRADING AT : 32.98 & DOWN BY -0.24%