Silver for May delivery fell 1.41% to trade at 51359, retreating from Wednesday's 31-year high of 52410 but yesterday extended losses on government report showing US initial jobless claims fell to the lowest level since May 2008. Silver began the day lower at 52010 making small gains to an intraday high of 52410 as base metals climbed higher, silver turned lower as crude began to decline strongly, after reaching an intraday low of 51182 mid day the metal slowly climbed its way back up to a close of 51359. Now technically market is trading in the range as RSI for 18days is currently indicating 74.52, where as 50DMA is at 45969.48 and silver is trading above the same and getting support at 51771 and below could see a test of 51461 level, And resistance is now likely to be seen at 52321, a move above could see prices testing 52561.

Trading Ideas:

Silver trading range is 50422-52878.

Silver ended lower on profit booking as hawkish rhetoric from the ECB dented demand

Silver looks to get resistance at 51520 and support at 51160 level.

Holdings at ishares silver trust rose by 30.37 tonnes to 10794.89 tonnes