Silver traded in a volatile range in previous session taking cues from gold and the direction of dollar.
Weakness in dollar supported the counter but gains were limited due to release of weak economic data from across the globe. US housing was weak as compared to market expectations.
We expect volatility in silver to continue amidst uncertainty on Greece's bailout. Also there is speculation that Ireland could be facing second bailout package. Investors would be keenly watching BoE and FOMC minutes for future direction of dollar.
Earlier, Shanghai Gold Exchange (SGE) has cut silver margin requirements to 18% from 19% from May 13 settlements if there is no sharp movement in prices.
This is likely to provide some support to silver in near future.
