Silver on MCX settled down -0.47% at 41996 with a stronger dollar and the rising chances of rate hike weighing on the hedge commodity. The ECB has provided extraordinary stimulus in recent years in response to high unemployment, weak growth and ultra low inflation, cutting interest rates into negative territory and pushing the cost of credit to all-time lows. ECB President Mario Draghi said the bank did not discuss a possible extension of its asset purchase program beyond its scheduled end in March at its meeting. But he did indicate that an adjustment to the stimulus program could come in December, saying its assessment would benefit from new economic projections by ECB forecasters. The ECB left interest rates across the euro zone unchanged at record lows of zero and kept the deposit facility rate at -0.4%. Initial jobless claims in the U. S. rose by more than expected in the week ended October 15th, according to a report released by the Labor Department. The Labor Department said initial jobless claims climbed to 260,000, an increase of 13,000 from the previous week's revised level of 247,000. While the Federal Reserve Bank of Philadelphia released a report showing a slowdown in the pace of regional manufacturing growth in the month of October, the pace of growth slowed less than expected. The new orders index jumped to 16.3 in October from 1.4 in September, while the shipments index surged up to a positive 15.3 from a negative 8.8. Technically market is under fresh selling as market has witnessed gain in open interest by 3.63% to settled at 17146, now Silver is getting support at 41748 and below same could see a test of 41499 level, And resistance is now likely to be seen at 42319, a move above could see prices testing 42641.

Trading Ideas:

Silver trading range for the day is 41499-42641.

Silver prices fell with a stronger dollar and the rising chances of rate hike weighing on the hedge commodity.

The ECB left interest rates across the euro zone unchanged at record lows of zero and kept the deposit facility rate at -0.4%.

Initial jobless claims in the U. S. rose by more than expected in the week ended October 15th, according to a report.