Silver skyrocketed in the local market crossing 57000 mark amid rising concerns over the Euro zone sovereign debt crisis and unrest in the Middle East. Deteriorating geopolitical conditions in the world and concerns over Euro zone sovereign debt issue help the precious metal climb to record high as investors turned to the metal to protect their wealth from any impending risks. Yesterday we have seen Silver opened at 55555 and quickly tested the support on dollar firmness but the fall was for a short while market again resume its rally and silver jumped to 56555 at a point of time making life time high in the Indian history, Investor booked profit on the higher level made pressure on the counter dragging again to the days low at 55300 and finally settled at 55467 that is -0.06. Now silver is getting support at 54993 and below could see a test of 54519 level, And resistance is now likely to be seen at 56248, a move above could see prices testing 57029.

Trading Ideas:

Silver trading range is 54519-57029.

Silver risen to record high as re-emerging concerns over  indebtedness of smaller eurozone nations add to jitters

Silver is having resistance at 55900 and support at 55100 level.

Holdings at ishares silver trust rose by 179.13 tonnes to 11139.52 tonnes.