Silver settled down by -1.34% at 40965 as the dollar pushed higher after upbeat U.S. economic reports supported the case for higher interest rates. Demand for the dollar continued to be underpinned after solid U.S. economic reports fed into expectations for a December rate hike by the Federal Reserve. U.S. third quarter growth was revised up to 3.2%, its strongest rate in two years, according to the Commerce Department. Separately, the Conference Board's consumer confidence index rebounded sharply in November after declining in October. Also, Fed Governor Jerome Powell said the case for raising interest rates has strengthened since the central bank's meeting earlier this month, lending further credence to the view that the Fed will raise rates next month. Bullion has been hard hit by expectations that increased U.S. fiscal spending under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates. While a report released by the Commerce Department showed a bigger than expected increase in U.S. personal income in the month of October, the report also said personal spending rose by less than anticipated. The Commerce Department said personal income climbed by 0.6 percent in October after rising by an upwardly revised 0.4 percent in September. Disposable personal income, or personal income less personal current taxes, also rose by 0.6 percent in October following a 0.4 percent increase in September. Technically market is under fresh selling as market has witnessed gain in open interest by 50.09% to settled at 11090 while prices down -555 rupee, now Silver is getting support at 40696 and below same could see a test of 40426 level, And resistance is now likely to be seen at 41404, a move above could see prices testing 41842.

Trading Ideas:

Silver trading range for the day is 40426-41842.

Silver prices slid as the dollar pushed higher after upbeat U.S. economic reports supported the case for higher interest rates.

Demand for the dollar continued to be underpinned after solid U.S. economic reports fed into expectations for a December rate hike by the Federal Reserve.

U.S. third quarter growth was revised up to 3.2%, its strongest rate in two years, according to the Commerce Department.