Silver was down by -1.95% at 51756 by worries of an economic slowdown after a US Supreme Court ruling upheld a landmark healthcare law and by fading hopes that a European Union summit will resolve that region's debt crisis. Bullion investors were frustrated as it is unlikely that additional stimulus will come out of the summit beginning Thursday in Brussels, as European finance officials were working on urgent measures to ease market pressure on Spain and Italy, which are too big to bail out. Earlier in the session, bullion extended losses as crude oil and US equities tumbled after the Supreme Court upheld Obama's healthcare law, which assesses a financial penalty to individuals who do not obtain health insurance. The metal has for the most part of this year moved in tandem with riskier assets. In previous years, investors often flocked to gold as a safe haven, driving its price higher in response to economic fears. The physical market was deserted ahead of the EU summit. Weak rupees have pressured bullion demand from India, the world's largest consumer of the precious metal. After a sizzling 11-year bull run, bullion is heading for a 7% loss for the second quarter, its largest quarterly fall in eight years. It is almost flat year-to-date. Now technically market is getting support at 51305 and below could see a test of
50855 level, And resistance is now likely to be seen at 52561, a move above could see prices testing 53367.

Trading Ideas:

Silver trading range for the day is 50855-53367.

Silver dropped as markets sentiments dampened by poor expectations from EU summit

Bullion investors were frustrated as it is unlikely that additional stimulus will come out of the summit in Brussels

The metal has for the most part of this year moved in tandem with riskier assets.