Silver on MCX settled up 1.16% at 44079 as the possibility of a victory for Donald Trump in next week’s U.S. presidential election boosted demand for safe-haven assets. The Federal Reserve said the case for a rate hike by the end of the year remains in place as it held rates steady as expected, adding few tweaks to its statement that still short of sending a very strong signal. The policymaking Federal Open Market Committee voted 8 to 2 to continue targeting the 0.25% to 0.50% range for the fed funds rate, where it has been since liftoff last December. Investor anxiety over the election after the renewal of an FBI probe into Democratic candidate Hillary Clinton's emails knocked European stocks to near four-month lows and sent the dollar to its lowest since early October. Traders were starting to reconsider long-held bets of a victory for Democratic candidate Hillary Clinton amid signs Republican Donald Trump could be closing the gap after the FBI's announcement of the new email probe on Friday. Private sector employment in the U.S. increased by less than expected in the month of October, according to a report released by payroll processor ADP. ADP said private sector employment climbed by 147,000 jobs in October following an upwardly revised jump of 202,000 jobs in September. Reflecting concerns about the prospects for the national economy, the University of Michigan released a report showing that U.S. consumer sentiment deteriorated by more than previously estimated in the month of October. Technically market is under short covering as market has witnessed drop in open interest by -6.46% to settled at 12883, now Silver is getting support at 43722 and below same could see a test of 43365 level, And resistance is now likely to be seen at 44318, a move above could see prices testing 44557.

Trading Ideas:

Silver trading range for the day is 43365-44557.

Silver gained as the possibility of a victory for Donald Trump in next week’s U.S. presidential election boosted demand for safe-haven.

US ADP said private sector employment climbed by 147,000 jobs in October following an upwardly revised jump of 202,000 jobs in September.

Holdings at ishares silver trust dropped by 0.78% i.e. 87.30 tonnes to 11148.60 tonnes from 10235.90 tonnes.