Silver prices remain volatile, but the tone toward the metal remains negative, especially as recent economic data suggests a possible slowing of industrial demand. The drop in iShare silver holdings last week again implies speculative investors are opting to improve their cash positions following recent volatility and margin increases, and suggests rallies will continue to prompt bouts of long liquidation, with broad range trade to continue ahead of the next round of key economic data indicators. Now technically market is trading in the range as RSI for 18days is currently indicating 40.05, where as 50DMA is at 60023.3 and silver is trading below the same and getting support at 53194 and below could see a test of 53109 level, And resistance is now likely to be seen at 53407, a move above could see prices testing 53535.

Trading Ideas:

Silver trading range is 53109-53535.

Silver prices remain volatile, but the tone toward the metal remains negative

Silver is having resistance at 53410 and support at 53000 level.

Holdings at ishares silver trust fell by 51.57 tonnes to 10152.16 tonnes