Silver ended with 1.47% gains with traders citing a wave of pent-up short-covering tracking firmness in gold and other commodities.  Amari's comments sparked demand for the yen that came at the dollar's expense and brought up gold prices in a quiet session with little in the way of economic indicators or other steering currents.  The Bank of Japan has enacted massive monetary easing measures to steer the country away from deflationary decline and more towards growth, with the yen plunging to lows against the dollar not seen since 2008.  Market talk of an unidentified investor selling off a big chunk of silver holdings during illiquid early hours also weighed and likely exacerbated the sharp move lower.  According to some market participants, silver's plunge was triggered by a sudden move higher in the yen during early hours.  Silver prices were also under pressure as investors continued to speculate over an earlier-than-expected end to the Federal Reserve's quantitative easing program amid indications of an improving U. S. economic outlook.  Silver traders are now looking ahead to Wednesday's Federal Reserve minutes, for further hints regarding the central bank's monetary policy.  The market will now focus on congressional testimony on the U. S. economy by Federal Reserve Chairman Ben Bernanke and minutes of the U. S. central bank's April meeting, due later in the week.  Now technically market is trading in the range as RSI for 18days is currently indicating 32.15, where as 50DMA is at 47843.68 and silver is trading below the same and getting support at 41243 and below could see a test of 39224 level, And resistance is now likely to be seen at 44788, a move above could see prices testing 46314.

Trading Ideas:

Silver trading range for the day is 39224-46314.

Silver ended with gains with traders citing a wave of pent-up short-covering tracking firmness in gold and other commoditied.

Prices earlier seen pressure as investors continued to speculate over an earlier-than-expected end to the Federal Reserve's quantitative easing

Traders are now looking ahead to Federal Reserve minutes, for further hints regarding the central bank's monetary policy.