Silver yesterday traded in the wide range and manage to hold support above 57000 level to settled up by +0.38% at 57190 tracking a slightly weaker euro, as investors await a rate decision from the ECB later in the day before the region's leaders gather on Friday to find ways to resolve a mounting debt crisis. Rupee weaken on the back of losses in most regional shares, which would weigh on domestic stocks and trigger outflows and supported the metal on domectic market. All eyes are on a policy meeting of the ECB, and the bank is expected to cut rates and unveil a new plan of bank aid. France and Germany are to sound out conservative European leaders about their plan to defuse the euro zone's debt crisis, eager to rally support before a high-stakes EU summit on Friday. But pessimistic comments from EU paymaster Germany and new figures exposing deepening stress among Europe's banks dented financial market hopes of a turning point in the euro zone's debt crisis at the summit. S&P's warned that it could cut the credit ratings of the EU and large euro zone banks if a mass downgrade of euro-zone countries materializes. Now technically market is trading in the range as RSI for 18days is currently indicating 50.8, where as 50DMA is at 56985 and silver is trading above the same and getting support at 56869 and below could see a test of 56548 level, And resistance is now likely to be seen at 57530, a move above could see prices testing 57870.

Trading Ideas:

Silver trading range is 56548-57870.

Silver yesterday traded in the wide range and settled up tracking a slightly weaker euro

All eyes are on a policy meeting of the ECB, and the bank is expected to cut rates and unveil a new plan of bank aid

Holdings at ishares silver trust gained by 30.25 tonnes to 9726.76 tonnes.