Silver ended -0.59% down after volatile trade in the whole session, with bargain hunting from jewellers and violence in Libya likely to defy pressure from weaker oil prices and a rebound in equity markets. Silver opened higher at 53701 reaching an intraday high of 54695 shortly after as crude rose, but metal began to slide lower as crude reversed earlier gains and reaching an intraday low of 53210 late in the session, silver ended the day shortly after at 53563, now technically market is trading in the range as RSI for 18days is currently indicating 73.15, where as 50DMA is at 46778.76 and silver is trading above the same and getting support at 52950 and below could see a test of 52338 level, And resistance is now likely to be seen at 54435, a move above could see prices testing 55308.

Trading Ideas:

Silver trading range is 52338-55308.

Silver ended weak hurt by an intense bout of long liquidation in industrial metals on the LME.

Silver looks to get resistance at 53840 and support at 53320 level.

Holdings at ishares silver trust rose by 15.18 tonnes to 10913.32 tonnes.