Silver ended weak as a stronger dollar weighed on sentiment, even as renewed worries about Greece's debt woes resurfaced.
Despite European Central Bank chairman Jean-Claude Trichet's statement Thursday that "strong vigilance" against inflation was required and market expectations of a hike in interest rates as early as July, the euro slipped against the greenback, weighing on commodities.
Silver ended the week at 54447. Silver moved sideways between a 53000 to 58500 range. The metal will need a few more weeks of consolidation considering the dramatic May drop from 74560 to 49750.
A break of 52500 level opens up the 47000 area. The Gold Silver ratio is largely unchanged at 42.14 from a week over week comparison. The ratio is also in a sideways pattern bounded by 40.20 and 43.10. The risk remains for another jump toward 44.00.
Now technically market is trading in the range as RSI for 18days is currently indicating 44.02, where as 50DMA is at 59096.92 and silver is trading below the same and getting support at 54325 and below could see a test of 54202 level, And resistance is now likely to be seen at 54546, a move above could see prices testing 54644.
