Silver fell on Thursday and settled at -1.16% at 53128, as weak U.S. housing and manufacturing data and uncertainty about the end of the Federal Reserve's bond-buying program dragged down commodities across the board. Both bullion and silver are set to end flat this week, as the dollar headed for its first drop in the last three weeks. The U.S. currency fell on Thursday after the previous session's gains as weaker U.S. economic outlook offset worries over euro due to Greece's uncertain debt situation. Holdings in the world's largest silver-backed exchange-traded fund, iShares Silver Trust , fell to 10,203.73 tonnes by May 19, from 10,446.43 tonnes on May 18. Now technically market is trading in the range as RSI for 18days is currently indicating 39.83, where as 50DMA is at 60107.68 and silver is trading below the same and getting support at 52439 and below could see a test of 51751 level, And resistance is now likely to be seen at 54043, a move above could see prices testing 54959.

Trading Ideas:

Silver trading range is 51751-54959.

Silver dropped as uncertainty about end of Fed Res's bond-buying program dragged down commodities

Silver is having resistance at 54043 and support at 52439 level.

Holdings at ishares silver trust fell by 242.70 tonnes to 10203.73 tonnes