Silver yesterday settled down -0.54% at 43597 edged lower in rangebound trade as investors looked ahead to the Federal Reserve's upcoming policy meeting later this week. Investors remained cautious amid ongoing speculation over whether the Federal Reserve will begin to unwind its easing program in the coming months. Moves in the silver price this year have largely tracked shifting expectations as to whether the US central bank would end its bond-buying program sooner-than-expected. Silver, like gold, can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies. Bullion prices hovered lower amid uncertainty over the fate of Federal Reserve stimulus measures, which tend to make gold an attractive hedge. Elsewhere, the Federal Reserve Bank of New York's index of manufacturing conditions in the state came in better than expected in June, rising to a three-month high of 7.8 from -1.4 in May. Investors seeking risk-on asset classes flocked to stock markets, avoiding gold in the process. Indian gold and silver futures traded slightly lower on Monday, with subdued demand in the physical market during a seasonally slow period after a series of government measures to contain imports. Technically market is under fresh selling as market has witnessed gain in open interest by 1.91% to settled at 12338 while prices down -237 rupee, now Silver is getting support at 43336 and below same could see a test of 43074 level, And resistance is now likely to be seen at 43860, a move above could see prices testing 44122.

Trading Ideas:

Silver trading range for the day is 43074-44122.

Silver edged lower in range bound trade as investors looked ahead to the Federal Reserve's upcoming policy meeting later this week.

Investors remained cautious amid ongoing speculation over whether Fed will begin to unwind its easing program in the coming months.

Markets are closely watching for any clues on whether the Fed will wind down its $85 billion monthly bond buying program