Silver fell to their lowest in more than a month last week and settled below 60000 market at 59841 as investors turned to the safety of the dollar after tumbling US equities sparked concerns about the health of the global economy. Hedge funds and other big speculators have cut their bullish bets on US commodities to the lowest levels since the end of August, data showed on Friday, as global economic worries pushed prices off their peaks. EU leaders face two months of tough bargaining on money, power and the future governance of the euro zone before they can boost confidence that the existential threat to the single currency has faded. Meanwhile China could stage a tepid economic rebound in the fourth quarter as higher public infrastructure spending nudges the world's growth engine out of seven consecutive quarters of cooldown, but growth will remain lethargic through 2013. Market is now focus will shift to the Fed interest rate meeting result and the US GDP for Q3. The week’s outlook for silver remains bearish, as traders seem to be moving to commodity currencies and away from metals. With improvement in the US the likelihood of additional stimulus from the Feds continues to decline. Market sentiment is a bit mixed as traders are disappointed at the outcome of the EU Summit, even though there was not much in the way of expectations there were hopes. Now technically market is getting support at 59760 and below could see a test of 59680 level, And resistance is now likely to be seen at 59899, a move above could see prices testing 59958.

Trading Ideas:

Silver trading range for the day is 59680-59958.

Silver slid as investors turned to the safety of the dollar after tumbling U.S. equities sparked concerns

Uncertainty out of Spain continued to pressure the precious metal down as well.

Spanish Prime Minister Mariano Rajoy said his government felt it was under no pressure to seek a bailout