Silver on Saturday closed flat at 53167 with a gain of Rs. 106.00 earlier last week we have seen losses on a lack of conviction the US Federal Reserve would take measures to stimulate the economy anytime soon even after a disappointing jobs report. US employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid. The weaker than expected U. S. employment data has raised the chance in favour of the Fed launching a new round of monetary stimulus to 65 percent from 50 percent in late June. Meanwhile investors await the China June inflation data, which is expected to ease to a 29-month low, giving Beijing more room to stimulate the economy. Later this week, China will also release data on trade, industrial output, retail sales, money supply for June, as well as the second quarter's gross domestic product. Now technically market is trading in the range as RSI for 18days is currently indicating 40.29, where as 50DMA is at 55089 and silver is trading below the same and getting support at
53089 and below could see a test of 53012 level, And resistance is now likely to be seen at 53232, a move above could see prices testing 53298.

Trading Ideas:

Silver trading range for the day is 53012-53298.

Silver came under pressure on Friday as dollar surged following a report showing the US added fewer jobs than expected in May.

The report showed that the U. S. unemployment rate held steady at 8.2% in June, in line with expectations

BoE policymakers voted to increase the size of its QE program by GBP50 billion to GBP375 billion