Silver rose 0.16% to settle at 52735 overall sentiments remained cautious after meeting minutes showed the Fed was unlikely to launch more monetary stimulus until US economic conditions weakened further. The US Federal Reserve is open to the possibility of buying more bonds to stimulate the economy, but conditions might need to worsen for a consensus to build, minutes from the central bank's June meeting released showed. Meanwhile Credit Suisse cut 2012 gold price forecast to $1,680 an ounce from its prior forecast of $1,765 an ounce, and lowered silver price forecast to $30.50 from $33.50. Growing concerns about debt deflation and improving growth prospects in the global economy are the two scenarios in which gold would perform poorly, the bank said. Market players were greeted with disappointment as the FOMC minutes indicated that only a few FOMC members believe further stimulus is needed to boost the economy. Moves in the gold price this year have largely tracked shifting expectations as to whether the US central bank would pump more money into the financial system. Meanwhile, in the euro zone, Spanish PM announced EUR65 billion of new austerity measures, in an effort to meet new budget-deficit targets agreed with euro zone partners. Now technically market is getting support at 52490 and below could see a test of 52245 level, And resistance is now likely to be seen at 52946, a move above could see prices testing 53157.

Trading Ideas:

Silver trading range for the day is 52245-53157.

Silver rose ended with gains tracking gains in base metals and crude prices

Overall sentiments remained cautious after meeting minutes showed the Fed was unlikely to launch more monetary stimulus

Fed officials think current policies are favorable, causing expectations of more easing policies by the Fed to decrease