Silver rose almost 1200 points as day started as a stalemate in budget talks in Washington prompted investors to buy the metal as a safe haven against the looming risks of a U.S. ratings downgrade or default but finally ended with a littel gain with +0.55% jump at 59817. Bullion has gained nearly 8 percent in July, hitting five all-time highs in the past nine sessions, as U.S. lawmakers were locked in a standoff over dueling debt plans that offered little prospect for compromise, increasing the threat of a ratings downgrade and default that could sow chaos in global markets. Bullion is up over 7 percent in July, on track for its biggest monthly gain since April on concerns over euro zone debt levels as well as the U.S. budget talks. An unprecedented debt default in the world's largest economy would likely send shock waves through global markets. Rating agency S&P's last week reiterated that there was a 50-50 chance the U.S. AAA credit rating could be cut within three months. Now technically market is trading in the range as RSI for 18days is currently indicating 62.36, where as 50DMA is at 55421.66 and silver is trading above the same and getting support at 59078 and below could see a test of 58340 level, And resistance is now likely to be seen at 60687, a move above could see prices testing 61558.

Trading Ideas:

Silver trading range is 58340-61558.

Silver rose as day started as stalemate in budget talks in Washington prompted investors to buy

Holdings at ishares silver trust rose by 42.44 tonnes to 9891.61 tonnes

Silver is having resistance at 60687 and support at 59078 level.