Silver held near multi-month highs hit 63430 but dropped from the high's and settled at 62339 as rupee shown firmness and snapped a three-day losing streak boosted by corporate dollar sales and gains in the euro, which rose on hopes the European Central Bank would announce a plan later in the day to aid the ailing euro zone economies. Data showing improvement in the US labour market, however, weighed on the market ahead of the release of a key employment report later on Friday. The ECB agreed to launch a new and potentially unlimited bond-buying programme to lower struggling euro zone countries' borrowing costs and draw a line under the debt crisis. The latest data showed improvement in the US labour market, a day before the release of the all-important non-farm payrolls data which is expected to shed light on whether the Federal Reserve will launch another round of quantitative easing. Gold/silver ratio dropped to its lowest since late April trading lower at 52.17, just above support at 52.08 a breach of this level on a closing basis would find next support at 47.67 indicating more bull run in Silver as compare with gold. Now technically market is in overbot as RSI for 18days is currently indicating 82.31 and getting support at 61767 and below could see a test of 61196 level, And resistance is now likely to be seen at 63170, a move above could see prices testing 64002.

Trading Ideas:

Silver trading range for the day is 61196-64002.

Silver gains but dropped from high's as rupee shown firmness and snapped three-day losing streak boosted by corporate dollar sales

Silver extended gains even as the industrial metal remained firmly in overbought territory measured by RSI.

BOE keeps the interest rate at 0.50% and keeps the asset purchase target at 375B.