Silver settled down -0.3% at 36200 despite weak manufacturing data in China bolstered arguments for additional stimulus measures by the Chinese Central bank in order to jumpstart growth. Meanwhile, investors continue to prepare for a delayed interest rate hike by the Federal Open Market Committee after the release of dovish minutes from its July meeting. The People’s Bank of China (PBOC) has approved a wide range of stimulus initiatives throughout the year in an effort to drive an economy that is experiencing its slowest level of growth in more than a decade. Over the last several months, the Chinese government has lowered its benchmark interest rate twice, cut the Reserve Ratio Requirement (RRR) or amount banks must hold in cash reserves and relaxed rules on margin financing or stock trading with borrowed funds in attempts to spur activity. The PBOC also devalued the yuan by nearly 2% earlier this month in a move aimed at boosting slumping export levels. The FOMC appears sharply divided on whether inflation is moving close to a level it deems appropriate to start raising short-term rates. The FOMC said by some objectives the inflation data was "not progressing" toward its targeted goal, according to the minutes. Other members, however, said that inflation conditions for a rate hike would be met or could be "met shortly." Investors also continued to react to strong indications from the FOMC that it could delay a highly-anticipated interest rate hike beyond the fall, amid soft inflation data. Technically now Silver is getting support at 35660 and below same could see a test of 35119 level, And resistance is now likely to be seen at 36764, a move above could see prices testing 37327.

Trading Ideas:

Silver trading range for the day is 35119-37327.

Silver prices dropped despite weak manufacturing data in China bolstered arguments for additional stimulus measures by Chinese Central bank in order to jumpstart growth.

Investors continue to prepare for a delayed interest rate hike by the FOMC after the release of dovish minutes from its July meeting.

The third Greek bailout may face disruptions with the resignation of Greek Prime Minister Tsipras and a subsequent snap election on September 20.