Silver rosed to record high as euro zone debt concerns returned to the spotlight, the dollar retreated and violence continued in the Middle East and North Africa, which led to buying of precious metals as a haven from risk. The metal attracted interest from investors looking for a cheaper alternative to gold as a hedge against inflation. The gold: silver ratio dropped to a 28-year low at 36.93. Now technically market is in overbot as RSI for 18days is currently indicating 76.44, where as 50DMA is at 52183.66 and silver is trading above the same and getting support at 57434 and below could see a test of 57160 level, And resistance is now likely to be seen at 58061, a move above could see prices testing 58414.

Trading Ideas:

Silver trading range is 57160-58414.

Silver surged to record high as strong investment demand drove the prices higher.

Silver is having resistance at 58061 and support at 57434 level.

In spot silver looks to get resistance at 39.80$ and support is at 39.02$ level.