Silver fell by -3.52% to settled at 52596 for its biggest one-day loss in over a month, succumbing to selling that hit most commodities on worries over economic growth and a European debt crisis.
Safe-haven buying was absent for precious metals despite a downgrade of Greece's credit rating. Silver tumbled over 4 percent, marking its biggest two-day drop in a month. Silver looks the weakest of the group, hindered by weakness in gold, and also by growth concerns and weakness in copper on China concerns.
Further figures are due from China today, including the May consumer price index and producer price index, as well as figures on fixed asset investment, industrial production, retail sales and foreign direct investment for last month.
Overall bullion was traded with negative sentimental as pressure after Wall Street resumed its slide following weaker Chinese trade data last week. Holdings of the largest silver-backed ETF, New York's iShares Silver Trust, fell 2.1% from Friday to Monday.
Now technically market is trading in the range as RSI for 18days is currently indicating 39.06, where as 50DMA is at 58883 and silver is trading below the same and getting support at 51881 and below could see a test of 51165 level, And resistance is now likely to be seen at 53760, a move above could see prices testing 54923.
