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Silver has been unable to go upside and cross 57500-58500 in last few week, and we have seen big fall. It made a base of 52160 but some short covering resulted in it closing at 53458. Now in this week, we may consider resistance at 56500-57000, downside support exit at 53200-52500, break and trade below, it will further downside target at 50000-495000-48500. Close above 58500, it will show real move but chances are very remote.

The most-active February gold contract on the MCX was 0.24% higher at 27,763 rupees per 10 grams.