Silver rose snapping a five-day losing streak that cut prices by almost a third after encouraging U. S. jobs data triggered a broad bounce in beaten-down commodities. Silver suffered the biggest sell-off since the 1980 collapse in prices following the Hunt Bothers squeeze, triggered by a succession of margin hikes that nearly doubled costs. Now technically market is trading in the range as RSI for 18days is currently indicating 36.99, where as 50DMA is at 60039.12 and silver is trading below the same and getting support at 54513 and below could see a test of 54106 level, And resistance is now likely to be seen at 55313, a move above could see prices testing 55706.

Trading Ideas:

Silver trading range is 54106-55706.

Silver ended positive after encouraging U. S. jobs data triggered broad bounce in beaten-down commodities

Silver is having resistance at 55313 and support at 54513 level.

Holdings at ishares silver trust fell by 15.17 tonnes to 10253.75 tonnes