Silver edged modestly higher in subdued trade boosted by a broadly weaker U.S. dollar as investors searched for the next catalyst to take prices higher. Silver prices have been stuck in a narrow trading pattern in recent days, as investors search for the next catalyst to take prices higher. The euro was boosted after the Group of 20 leading economies agreed Friday to increase the IMF's lending capacity by USD430 billion, to help shield the global economy from the debt crisis roiling the euro zone. Also supporting the single currency, the Ifo Institute for Economic Research said its index of German business climate ticked up to 109.9 vs 109.8, against expectations for a decline to 109.5. Meanwhile, traders continued to monitor U.S. economic data for clues as to the likelihood of a fresh round of monetary easing, which could potentially hurt the dollar and support gold. Meanwhile, activity in key physical markets in Asia remained muted, even as one of India’s largest Hindu gold-buying festivals of Akshaya Tritiya was set to start on April 24, as high prices and rupee weakness curbed interest in the metal. Now technically market is trading in the range as RSI for 18days is currently indicating 46.49, where as 50DMA is at 57649 and silver is trading below the same and getting support at 56442 and below could see a test of 56365 level, And resistance is now likely to be seen at 56580, a move above could see prices testing 56641.

Trading Ideas:

Silver trading range for the day is 56365-56641.

Silver edged modestly higher in subdued trade boosted by a broadly weaker U.S. dollar

Activity in key physical markets in Asia remained muted, even festival Akshaya Tritiya was set to start on April 24

Holdings at ishares silver trust dropped by 39.26 tonnes to 9552.14 tonnes.