Commodity Trading Tips for Silver by KediaCommodity

SilverSilver rose nearly +1.16% to settled at 61597 after the euro gained ground on the dollar on improved hopes that the US will avoid falling off the so-called 'fiscal cliff'. On Friday, the US government has made positive noises about resolving the fiscal cliff, which would automatically trigger $607 billion in spending cuts and new taxes at the end of this year and threatens to return to the country's economy to recession. The Republican Party, which controls the House of Representatives, said it is open to agreeing to higher taxes if accompanied by spending cuts. Also in focus this week are a policy announcement from the Bank of Japan, which is expected to adopt further monetary easing policies ahead of an election next month that could hand power to an opposition party, and Tuesday's eurogroup meeting, with Greece again high on the agenda. As many as 90 people have died in the conflict between Israel and Palestine, which threatens to devolve into all-out war. While comex silver net length also reversed the negative trend, climbing 116.5 tonnes to 5,959.3 tonnes, according to the CFTC. US data releases scheduled later include October existing home sales and the November NAHB Housing Market Index. The US economic diary this week will otherwise be light ahead of Thursday's Thanksgiving Day holiday. Now technically market isgetting support at 61149 and below could see a test of 60702 level, And resistance is now likely to be seen at 61857, a move above could see prices testing 62118.

Trading Ideas:

Silver trading range for the day is 60702-62118.

Silver rose sharply on better demand expectation amid a brighter economic outlook.

Concerns over Greece debt woes persisted amid disagreements between the International Monetary Fund and Europe

Holdings at ishares silver trust dropped by 45.16 tonnes to 9894.85 tonnes