Silver prices rose for a second straight day Tuesday settled up by 2.69% at 58688, as commodities continued to regroup after last week’s drubbing. Demand for the metals was underpinned by renewed worries about Europe’s government-debt crisis, after S&P’s downgraded Greece’s debt again. Expectations have been rising that Greece will need another EU financial bailout, though the Athens govt denied that Tuesday. Greece’s continued struggles to cope with its mountain of debt sparked rumors late last week that it would leave the euro-currency zone. Despite govt denials, those rumors drove the euro down sharply against the dollar. Silver, which had been the hottest commodity in this year’s run-up, thanks in part to heavy buying by small investors, suffered the biggest drop in the recent sell-off now technically market is trading in the range as RSI for 18days is currently indicating 44.63, where as 50DMA is at 60182.42 and silver is trading below the same and getting support at 57355 and below could see a test of 56022 level, And resistance is now likely to be seen at 59493, a move above could see prices testing 60298.

Trading Ideas:

Silver trading range is 56022-60298.

Silver prices rose boosted by intense fighting in Libya, uncertainty about Greece and rising cost of oil

Silver is having resistance at 59493 and support at 57355 level.

Holdings at ishares silver trust rose by 21.24 tonnes to 10585.99 tonnes