Silver fell by -0.22% to settled at 61882 support seen from the rupee weakness which slipped to the lowest level in three weeks, weighed down by losses in domestic stocks and the euro, on skepticism about the ECB's ability to unveil a concrete plan to help debt-laden euro zone economies. Today's ECB meeting, which could announce new policies to help contain the euro zone's debt crisis. Bernanke's comment last week on the grave conditions of the US labour market had earlier encouraged investors to buy gold on the view that the door was open for more stimulus measures. ECB chief Mario Draghi faces the most decisive moment of his presidency when he tries to heal divisions among policymakers and deliver on his promise to save the euro. Speculation the Fed was moving closer to introducing fresh measures to stimulate growth in the US economy mounted after data showed that manufacturing activity in the US contracted for the third consecutive month in August. Bernanke indicated last week that the central bank will act as needed to strengthen the US economic recovery. Now technically market is in overbot as RSI for 18days is currently indicating 81.15, where as 50DMA is at 56296 and silver is trading above the same and getting support at 61609 and below could see a test of 61335 level, And resistance is now likely to be seen at 62172, a move above could see prices testing 62461.

Trading Ideas:

Silver trading range for the day is 61335-62461.

Silver dropped on profit booking after prices supported on reports concerning some details of ECB's bond purchasing plan.

Demand for bullion in India, remained dull with buyers shying from making purchases

Holdings at ishares silver trust rose by 91.26 tonnes to 9734.23 tonnes