Silver tumbled as investors tentatively bought back into riskier assets after U.S. President Barack Obama supported a bipartisan proposal for a new deficit-reduction plan. Still, jitters remained in the financial markets given divisions among policymakers ahead of Thursday's euro zone summit, with few expecting a permanent solution to the region's debt crisis. A tax on euro zone banks and cheaper, longer-dated official loans are the least risky way to provide extra funding for debt-stricken Greece, a confidential paper drafted ahead of the European summit showed. Now technically market is trading in the range as RSI for 18days is currently indicating 65.92, where as 50DMA is at 55165.42 and silver is trading above the same and getting support at 58460 and below could see a test of 57666 level, And resistance is now likely to be seen at 60394, a move above could see prices testing 61534.

Trading Ideas:

Silver trading range is 57666-61534.

Silver tumbled as investors tentatively bought back into riskier assets after US President Obama’s comments

Silver is having resistance at 60394 and support at 58460 level.

Holdings at ishares silver trust rose by 190.97 tonnes to 9864.33 tonnes