Silver traded in the range but settled with a marginal gain of +0.33% at 61675 as rupee once again touched its lowest level in a week after falling for a third consecutive session as dollar demand from largely oil importers and broad dollar short-covering offset inflows tied to the gains in domestic shares. A firm dollar amid persistent worries about the euro zone debt crisis and global growth kept a lid on gains. But speculative interest in silver remained strong as stimulus measures launched by key central banks in September continued to drive investors to bullion, a hedge against inflation and currency debasement caused by looser monetary policy. The deepening crisis in Spain and Greece kept investors on their toes, lifting the dollar index as attracts investors during economic distress. Equities, oil and base metals strengthened, but gains were capped by concerns over global growth prospects, after the World Bank cut its economic growth forecasts for the East Asia and Pacific region. Investors also remained cautious amid uncertainty over how soon Spain may formally request a bailout lingered after euro zone FM that Madrid did not need external financial aid yet. Now technically market is trading in the range as RSI for 18days is currently indicating 51.04, and getting support at 61270 and below could see a test of 60864 level, And resistance is now likely to be seen at 61931, a move above could see prices testing 62186.

Trading Ideas:

Silver trading range for the day is 60864-62186.

Silver ended with gains as firmness in crude prices and weak rupee supported prices

Euro zone economy faces tough times ahead, and there is no alternative to continued budget cuts

Spanish bond yields rose when investors trimmed expectations of a swift solution to Madrid's debt problems