Silver gained nearly +0.53% to settled above 53000 mark at 53017 level, as support seen from the rupee weakness and despite of surprisingly strong employment data added to fading hopes over further easing from the Fed after minutes of the central bank's June policy-setting meeting revealed that only a few board members thought that more asset purchases would be necessary. Meanwhile, traders were looking ahead to Chinese second quarter growth figures due out on Friday, to gauge whether China is a heading towards a hard or a soft landing. A deeper slowdown in China would impair a global expansion that is already faltering because of the ongoing debt crisis in the euro zone. The Fed's minutes boosted the dollar. The euro dropped to a fresh two-year low against the greenback, while the dollar index, which tracks the performance of the greenback against a basket of six other major currencies, hit its highest level since August 2010. Bullion has lost some of its safe haven appeal to the dollar and US Treasuries in recent months, partly as a strengthening dollar makes the metal less attractive to buyers holding other currencies. Now technically market is trading in the range as RSI for 18days is currently indicating 44.09, where as 50DMA is at 54916.46 and silver is trading below the same and getting support at 52379 and below could see a test of 51742 level, And resistance is now likely to be seen at 53477, a move above could see prices testing 53938.

Trading Ideas:

Silver trading range for the day is 51742-53938.

Silver ended with gains as buying seen from the ETFs but pressure was seen as gold fell

Accommodative policy from Fed would be viewed as unequivocally supportive of gold because extra liquidity tends to debase dollar.

Bullion investors were disappointed that Fed minutes did not point to a greater appetite for QE3