Silver Today

Remember our resistance 59090 below time to sell and already made a low 53763 and finally made a close at 54550. Today silver price support 53710.. watch out, fresh wave of selling below that level only.

Silver today futures tumbled to 53763 in yesterday’s session and recovered and settled down by -4.04% at 54633, silver today that has taken the harder fall, because of the greater industrial component there, also profit-taking spree then bouncing off the session low as the dollar slid when a ratings agency expressed concern that the United States might default on its debt. Manufacturing in China, Europe and the U.S.

slowed in May and a private report this week showing slower than forecast growth in jobs spurred concern that today’s Labor Department employment data will trail estimates. EU and IMF officials will today complete a review of Greece’s plan for 78bln euros in asset sales and austerity measures as they prepare the nation’s second bailout in little more than a year.
Now technically market is trading in the range as RSI for 18days is currently indicating 44.72, where as 50DMA is at 60039.22 and silver today is trading below the same and getting support at 53481 and below could see a test of 52328 level, And resistance is now likely to be seen at 56068, a move above could see prices testing 57502.

Silver trading ideas:
Silver trading range is 52328-57502.
Silver suffered the steep losses after a third day of disappointing U.S. data.
Silver is having resistance at 56068 and support at 53481 level.
Holdings at ishares silver trust fell by 4.37 tonnes to 9936.96 tonnes