Silver was down -0.16% and settled at 62314 as facing significant overhead resistance near to 63500 level and as rekindled concerns about the euro zone's debt crisis weighed on the euro and boosted the dollar, putting pressure on bullion. Silver have rallied since August as the Federal Reserve implemented a new bond-buying program designed to boost the US economy. The Bank of Japan and the ECB have also leaned toward easy-money policies. Such steps can raise worries about paper currencies losing value and make gold and silver more appealing as stores of wealth. Meanwhile SPDR Gold Trust, said its holdings had risen to a record high of 1,331.331 tonnes by Sept. 25. Supporting the sentiment in bullion, the latest IMF data showed South Korea increased its holdings of gold by nearly 16 tonnes in July, along with Paraguay, which raised its reserves in July from a few thousand ounces to more than 8 tonnes, continuing the trend among central banks to hold more bullion. Silver also got support from base metals rally as China's central bank said on Tuesday that it will "fine tune" policy to cushion the economy against global risks and that the country's economy has showed signs of stabilsing while the trend of inflation remains stable. Now technically market is getting support at 61904 and below could see a test of 61494 level, And resistance is now likely to be seen at 62932, a move above could see prices testing 63550.

Trading Ideas:

Silver trading range for the day is 61494-63550.

Silver dropped as rekindled concerns about the euro zone's debt crisis weighed on the euro and boosted the dollar

Solid data out of the U.S. sent the metal falling as investors stocked up on dollar positions.

Federal Housing Finance Agency (FHFA) announced that house price index for July rose by 0.2% MoM.