India silver surges on industrial demand

Silver opened higher at 55813 as supported by the morning gains in crude and base metals saw silver reach an intraday high of 56195 mid day slight profit booking seen that make silver to test lower support at 55651 quickly reaching an intraday and renewed buying interest as crude and base metals began to reverse their slide and made silver to close below 56000 mark.
Bullion dropped before the release of U.S. non-farm payrolls report which could underpin the dollar and weigh on bullion, while ETF holdings posted their biggest quarterly decline ever.
Now technically market is trading in the range as RSI for 18days is currently indicating 72.12, where as 50DMA is at 50966.62 and silver is trading above the same and getting support at 55682 and below could see a test of 55395 level, And resistance is now likely to be seen at 56226, a move above could see prices testing 56483.
Trading Ideas:
Silver trading range is 55395-56483.
Silver gained as investors bet on further gains in gold and expectations that industrial demand will improve.
Silver is having resistance at 56226 and support at 55682 level.
In spot silver looks to get resistance at 37.80$ and support at 37.20$ level.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/India-silver-surges-on-industrial-demand-12318.html)