Silver tumbled on profit booking as stockists offloaded their positions amid sluggish demand at existing levels. Trading sentiments turned bearish as gold fell in global markets after European leaders agreed on a multi-billion euro rescue package for Greece, curbing demand for the metal as an alternative investment. In addition, some investors shifting their funds from weakening bullion to rising equity, also dampened trading sentiments to some extent. Silver ratio remains below support level at 40 seen since early May and suggests continued downward movement. Now technically market is trading in the range as RSI for 18days is currently indicating 61.64, where as 50DMA is at 55389.72 and silver is trading above the same and getting support at 59340 and below could see a test of 59193 level, And resistance is now likely to be seen at 59679, a move above could see prices testing 59871.

Trading Ideas:

Silver trading range is 59193-59871.

Silver tumbled on profit booking amid sluggish demand at existing levels

Trading sentiments turned bearish after European leaders agreed on multibillion rescue package for Greece

Silver is getting resistance at 59860 level and holding support at 59080 level