Silver tumbled by -0.82% to settled at 54130 easing off a seven-day high as the euro came under pressure amid ongoing concerns over a deepening debt crisis in the euro zone. Prices took cues from the currency market, tracking movements in the euro. Bullion remains more sensitive to moves in the euro/dollar exchange rate in the short term than to rising risk aversion, which in the past has been a positive driver of prices. But investors remained cautious after leaders failed to reach an agreement on how to calm market turmoil stemming from the crisis in the region. Market sentiment was set to remain fragile as Greece called for new elections to take place on June 17. The vote will likely determine whether the highly indebted country remains in the single currency area. Meanwhile, concerns over the health of Spain's banking sector also weighed, pushing the yield on Spanish 10-year bonds to 6.29% earlier. Although gold's appeal as a safe haven is boosted during times of economic uncertainty, the euro zone's debt crisis has done little to bolster appetite for the precious metal. Now technically market is trading in the range as RSI for 18days is currently indicating 40.7, where as 50DMA is at 56852 and silver is trading below the same and getting support at 53728 and below could see a test of 53327 level, And resistance is now likely to be seen at 54668, a move above could see prices testing 55207.

Trading Ideas:

Silver trading range for the day is 53327-55207.

Silver shed after a pledge of support for keeping Greece in the euro zone.

Silver has nearly doubled in value since 2010 as economic growth and relief will likely be strong.

Gold reserves of India remained unchanged at $26.61billion while total foreign exchange reserves declined.