Silver settled up 2.41% at 47735 tracking gains from Comex Silver which rallied by 1.9% to settled at $21.76 an ounce heading towards the longest winning streak since 1968 after a government report showed that China's bank lending rose spurring demand for commodities. Market sentiment towards silver has been positive since the beginning of the year as weak U.S. and China economic data, and emerging market jitters have taken a toll on global equities, spurring demand for bullion. Gold is up 10 percent this year percent after a 28 percent drop in 2013, while silver has gained 12 percent. Investor positioning in silver and technicals seem to suggest the upside could continue. Trade volumes were expected to remain light on Monday, with Comex floor trading remaining closed for the U.S. President’s Day holiday. Silver prices have been well-supported in recent weeks amid concerns that the U.S. economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth. Data on Friday showed that U.S. industrial production fell 0.3% from a month earlier in January, compared to expectations for a 0.3% gain. The grey metal gained on solid gold prices and signs of strong physical demand across the globe. Indian imports of the precious metal more than doubled in the first 11 months of 2013 compared to the total purchases in 2012. Furthermore, sales of silver coins by the U.S. Mint almost tripled last month, soaring to 4.78 ounces from 1.2 ounces in December. Technically market is getting support at 47213 and below same could see a test of 46691 level, And resistance is now likely to be seen at 48094, a move above could see prices testing 48453.

Trading Ideas:

Silver trading range for the day is 46691-48453.

Silver rallied as growing concerns over the strength of the U.S. economic recovery boosted the appeal of the precious metals.

Prices have been well-supported in recent weeks amid concerns that the U.S. economic recovery has lost momentum since the end of last year

Last week data showed that retail sales fell 0.4% in January, confounding expectations for a 0.3% increase.