Silver for May delivery surged 1.74% to trade at a three-day high of USD37.70 a troy ounce and on MCX settled up by 1.07 that is at 55763 on firmer equities, but investors were nervous after talk resurfaced that some central banks would have to start tightening monetary policy soon, a move which could dent bullion's appeal as a hedge against inflation. Today prices could be volatile as investors prepared for the end of a volatile quarter, with oil rising on continued unrest in Libya, gold falling on tighter monetary policy talk, and copper tracking moderate Wall Street gains. Now technically market is trading in the range as RSI for 18days is currently indicating 70.82, where as 50DMA is at 50728.38 and silver is trading above the same and getting support at 55247 and below could see a test of 54732 level, And resistance is now likely to be seen at 56134, a move above could see prices testing 56506.

Trading Ideas:

Silver trading range is 54732-56506.

Silver prices rallied on hectic investment buying and rising industrial demand.

Silver is having resistance at 56134 and support at 55247 level.

In spot silver looks to get resistance at 37.98$ and support at 37.46$ level.