Silver settled flat 0.12% at 37064 as the beginning of a two-day Fed meeting had investors turning cautious, and moves were muted as buyers awaited clues on the timing of a possible US interest rate hike. Rising US interest rates would likely weigh on bullion lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which bullion is priced. Although the FOMC has hinted that it will likely hold short-term interest rates at its current near-zero level at the meeting, Fed chair Janet Yellen has still not ruled out a rate hike. The FOMC has left its benchmark Federal Funds Rate at its current level between zero and 0.25% for 55 consecutive meetings. At the FOMC's September monetary policy meeting, Yellen noted that the Fed will begin monetary policy normalization when it had seen "further improvement in the labor market," and was "reasonably confident" that inflation was moving toward its targeted goal of 2%. Still, the Fed downgraded its median inflation forecasts at the meeting to 0.3% for the end of 2015, while lowering inflation expectations for the end of next year to 1.7%. The Fed now expects that inflation will not reach its 2.0% target until 2018. Days later, however, Yellen indicated that the timing could be appropriate to raise the Federal Funds Rate before the end of the year, as transitory effects dragging down inflation from lower energy prices and a stronger dollar continued to recede. Shortly after Yellen's comments, though, a dismal U.S. national employment report from September provided greater uncertainty with the timing of a rate hike. Technically market is getting support at 36897 and below same could see a test of 36729 level, And resistance is now likely to be seen at 37189, a move above could see prices testing 37313.

Trading Ideas:

Silver trading range for the day is 36729-37313.

Silver swung between small gains and losses as investors digested a batch of mostly weaker than expected U.S. economic data.

Data showed a second straight drop in a gauge of U.S. business investment in September and a decline in consumer confidence this month.

The U.S. central bank is not expected to raise rates on Wednesday, but markets will be eyeing the statement for the Fed's take on the U.S. and global economies.