Silver rose by +1.20% to settled at 59459 gained toward a two-week high as expectations that global policy makers will need to stimulate growth boosted demand for a store of value. Sentiment on precious metal was underpinned after Federal Reserve Chairman Ben Bernanke indicated that the central bank intended to continue its quantitative easing program. In a speech on the economy and monetary policy, Ben Bernanke said that he was still unsatisfied with the economy's progress, despite some recent signs of improvement. Bernanke made no mention of winding the program down, clearing some confusion caused by the most recent Fed meeting minutes. Bullion tumbled to a four-month low on January 4 after the minutes from the central bank's December meeting indicated that it could end its quantitative easing program earlier than expected. The Fed's bond buying program is viewed by many investors as a major source of liquidity that weakens the US dollar and helps support prices of commodities and other hard assets, including gold. Focus was expected to remain on the US economy, as investors remained jittery with negotiations on raising the US debt ceiling still to come in February. Fed Chairman Ben Bernanke and Treasury Secretary Timothy Geithner also urged policymakers to act swiftly in order to prevent a potential debt default. Now technically market is getting support at 58956 and below could see a test of 58453 level, And resistance is now likely to be seen at 59771, a move above could see prices testing 60083.

Trading Ideas:

Silver trading range for the day is 58453-60083.

Silver rose following the release of mixed data on U. S. retail sales and manufacturing activity in the New York-region.

Bernanke made no mention of winding the program down, clearing some confusion caused by the most recent Fed meeting minutes

Ratings agency Fitch warned earlier that the U. S.'s coveted AAA-credit rating would be at risk