Silver settled down -0.42% at 55542 as pressure seen after rupee rebounded on Thursday from a record low as the central bank sold dollars to oil companies, while policymakers scrambled for more lasting solutions to what some investors are describing as a crisis. Also Silver on Comex eased as the probability of an immediate US strike on Syria faded, and strong US data rekindled fears of an imminent scale-back of the Fed's stimulus measures. Silver prices struggled for upside traction due to a slightly stronger US dollar, also market participants remained cautious amid concerns over an impending US-led military strike against Syria, following the alleged use of chemical weapons. On Wednesday, President Barack Obama said the US has concluded that the Syrian government carried out a chemical weapons attack near Damascus, but added that he had not yet made a decision about whether to intervene militarily. Meanwhile, the US was to publish revised data on second quarter growth and the weekly report on initial jobless claims, which will be scrutinized for its potential impact on the Fed's monetary policy stance. Uncertainty over the timing of a reduction in the Fed's bond-buying program continued after data showed that US pending home sales fell unexpectedly in July. Moves in the silver price this year have largely tracked shifting expectations as to whether the US central bank would end its QE program sooner-than-expected. The central bank is scheduled to meet September 17-18 to review the economy and assess policy. Technically market is getting support at 54314 and below same could see a test of 53086 level, And resistance is now likely to be seen at 56726, a move above could see prices testing 57910.

Trading Ideas:

Silver trading range for the day is 53086-57910.

Silver dropped as signs of strong U. S. economic growth turned attention to the Federal Reserve's plans to rein in its bond buying.

The central bank is scheduled to meet September 17-18 to review the economy and assess policy.

The possibility that the Fed could scale back its stimulus program helped buoy the U. S. dollar.