Silver settled flat on Saturday after prices gained on new worries about Europe's sovereign debt crisis. Holdings on the largest silver-backed ETF, New York's iShares Silver Trust, dropped 0.51 percent earlier this week and remained unchanged at 9,941.33 tonnes. Silver is posting a strong up week at current 57505. We see closest topside resistance at May reactionary high 59975. From a retracement profile we see 62000 and 65000 as 50% and 61.8% retracement possibilities from the early May 73500 to 48000 liquidation. Downside support is found now at last weeks high 54270. The gold/silver ratio posting its first down week in 5 session at 40.52. it looks like the correction has run its course so new target become 39.26 this is the 38.2% retracement of the 31.68 to 43.95 up leg. Now technically market is trading in the range as RSI for 18days is currently indicating 50.98, where as 50DMA is at  60036.02 and silver is trading below the same and getting support at 57427 and below could see a test of 57348 level, And resistance is now likely to be seen at 57642, a move above could see prices testing 57778.

Trading Ideas:

Silver trading range is 57348-57778.

Silver climbed as the dollar's slump spurred demand for commodities.

Silver is having resistance at 57988 and support at 57200 level.

In spot silver is getting resistance at 38.62$ and support is at 36.30$ level.