Silver prices ended with some gains tracking slight gains in gold prices after prices dropped Friday as the euro dipped and other assets rose, but stayed on track for its biggest two-week rise in two months as investors returned to the market after last month's price drop. The metal fell along with U.S. equities and other commodities as ratings agency Standard & Poor's was poised to lower ratings of several euro zone countries including France and Austria. The news rattled markets in the first blow of the new year for the troubled single currency.  India's wedding season will start on Jan. 15 and continue until April, after pausing for a few weeks deemed inauspicious for nuptials. Silver is closing the week higher at 52124. This is the first time we have seen consecutive up weeks since October. The metal tested as high as 53500 before retreating to current levels. While below 53500 the view remains for a test of 51600. The Gold Silver ratio is lower at 55.21. The past two weeks, the metal has attempted to close back below key 61.8% Fibo at 54.35 but it continues to hold. While above 54.35 we expect a move to 59.70 the 76.4% level. Now technically market is trading in the range as RSI for 18days is currently indicating 43.16, where as 50DMA is at 54373.66 and silver is trading below the same and getting support at 52092 and below could see a test of 52060 level, And resistance is now likely to be seen at 52164, a move above could see prices testing 52204.

Trading Ideas:

Silver trading range is 52060-52204.

Silver prices ended with some gains tracking slight gains in gold prices after prices dropped Friday

The metal fell along with other commodities as ratings agency S&P's was poised to lower ratings of euro countries

Some investors buy precious metals as a refuge from turmoil in other markets