Silver eased down to settle the week at 61347, the lowest level since November 16, on the weekly bases silver dropped 3.2%, the third consecutive weekly decline but industrial metal helped limit silvers losses after China's HSBC PMI manufacturing report showed a continued expansion. US House of Representatives Speaker John Boehner's offer to accept a tax rate increase for the wealthiest Americans knocks down a key Republican road block to a deal resolving the year-end "fiscal cliff." Investors continued to monitor developments surrounding the fiscal cliff in the US, approximately $600 billion in automatic tax hikes and spending cuts due to come into effect on January 1, unless a divided Congress and the White House can work out a compromise in the two weeks left before the deadline. President Barack Obama said recently that any solution must include spending cuts and raising revenue, including increasing taxes on the wealthiest. Meanwhile, in China, a report showed that manufacturing activity expanded at the fastest pace in 14-months in December. In the week ahead, investors will be continuing to monitor the progress of talks in Washington on the fiscal cliff. Market participants will also be awaiting election results in Japan as well as the outcome of Thursday's Bank of Japan policy setting meeting. Now technically market is getting support at
61247 and below could see a test of 61148 level, And resistance is now likely to be seen at 61419, a move above could see prices testing 61492.

Trading Ideas:

Silver trading range for the day is 61148-61492.

Silver dropped on pressure from data showing U. S. inflation slowed in November.

Bernanke warned that the central bank does not have the ability to "offset the full impact of the fiscal cliff.

On the week, silver futures dropped 2.4%, the third consecutive weekly decline.