Silver fell as news Greece may raise the stakes it owns in Cypriot banks to ease the financial crisis there enticed investors out bullion. Prices have risen in recent sessions via demand from investors looking for hard assets to hedge against a weakening euro. Reports that Athens may help Cyprus contain its financial crisis sparked a rally for the single currency. Cyprus's parliament is due to hold meetings throughout the day to mull an ultimatum imposed by its eurozone neighbors and the International Monetary Fund to raise EUR5.8 billion necessary for a EUR10 billion bailout package. Representatives from lending bodies originally called on Cyprus to raise the money by slapping a one-time tax on bank deposits, which rattled markets worldwide amid fears the do-not-touch status of bank accounts may be changing when crafting European bailouts. Still, proposals remain on the table call for taxing bank accounts holding at least EUR100,000, which watered down Friday's optimism by fueling uncertainty. Cyprus must come up with a plan to raise EUR5.8 billion by Monday or risk seeing the European Central Bank halt the flow of emergency funding into its financial sector. On Thursday, prices rose as the Cyprus crisis helped lift gold out of a downtrend due to an improving economic outlook that sent prices to a seven-month low in February. Also underpinning prices was a warning by Fitch Ratings that Britain could lose its AAA rating, citing high government debt levels and weak growth. Now technically market is trading in the range as RSI for 18days is currently indicating 36.59, where as 50DMA is at 56797.96 and silver is trading below the same and getting support at 54136 and below could see a test of 54113 level, And resistance is now likely to be seen at 54178, a move above could see prices testing 54197.

Trading Ideas:

Silver trading range for the day is 54113-54197.

Silver fell as news Greece may raise the stakes it owns in Cypriot banks to ease the financial crisis there enticed investors out bullion.

Cyprus Presidency said it had agreed with Greece on a takeover of the Greek units of Cypriot banks.

Holdings at ishares silver trust gained by 52.60 tonnes to 10688.56 tonnes.