Silver settled at 58199 a gain with +0.16% as investors await a string of economic data this week to gauge the health of the world's top economies. As US housing and retail data is likely to show resilience and China's economic growth probably quickened in the last quarter of 2012, underpinning sentiment in industrial metals, last week we have seen a sharp fall of -1.5% on Friday to settle the week at USD30.46 a troy ounce. Futures came under pressure Friday after official data showed that consumer price inflation in China accelerated by 2.5% in December, up from 2% in November and above expectations for a 2.3% increase. Politically sensitive food costs accelerated 4.2% in December from a year earlier. The rise in Chinese food costs was driven by a 14.8% increase in the price of vegetables. The higher than expected reading dampened expectations Beijing will introduce fresh monetary easing measures in the near-term to prop up the world's second largest economy. Loose monetary policies employed by central banks in the US, Europe and China have helped boost demand for gold in recent years as investors sought the precious metal as a hedge against currency debasement. Investors will be anticipating a speech by Bernanke on monetary policy and the recovery from the global financial crisis on Monday. Now technically market is getting support at 58133 and below could see a test of 58067 level, And resistance is now likely to be seen at 58257, a move above could see prices testing 58315.

Trading Ideas:

Silver trading range for the day is 58067-58315.

Silver gains on short covering after prices dropped after prices dropped after Chinese inflation rates came in higher than expected.

U. S. government reported earlier that the country's trade deficit widened unexpectedly in November.

Holdings at ishares silver trust gained by 21.06 tonnes to 10133.28 tonnes.