Silver on MCX settled down -0.74% at 42031 as some renewed strength in U. S. dollar, as well as a rise among most U. S. equities helped to dull the metal’s appeal. Meanwhile, the path for U. S. interest rates has also been a key factor for bullion prices. Data on jobless claims Thursday did little to sway the metals market from expectations for gradually higher Federal Reserve interest rates this year. The number of Americans who applied for unemployment benefits in early February fell by 12,000 to 234,000, hitting the second-lowest level of an economic recovery that began nearly eight years ago. In December, the U. S. Federal Reserve signaled it wants to raise interest rates three times this year. But on Thursday, St. Louis Fed President James Bullard said he sees no reason interest rates need to move much at all. The dollar largely firmed against its Japanese counterpart Thursday, as nervousness before Japanese Prime Minister Shinzo Abe’s Friday meeting with U. S. President Donald Trump in Washington kept a lid on the yen’s strength. Many investors are closely watching the U. S.-Japan summit, especially after Trump unnerved Tokyo officials by accusing Japan of unfairly influencing the yen to help its exporters beat U. S. companies. Uncertainty about European politics has boosted gold in recent sessions. Polls this week have shown German Chancellor Angela Merkel falling behind a candidate from the country's Social Democrats in this year's elections scheduled to take place in September. Polls have also suggested France's Marine Le Pen, who has vowed to pull France out of the euro zone, is gaining ground. Technically now Silver is getting support at 41805 and below same could see a test of 41580 level, And resistance is now likely to be seen at 42334, a move above could see prices testing 42638.

Trading Ideas:

# Silver trading range for the day is 41580-42638.

# Silver dropped as some renewed strength in U. S. dollar, as well as a rise among most U. S. equities helped to dull the metal’s appeal.

# Data on jobless claims did little to sway the metals market from expectations for gradually higher Federal Reserve interest rates this year.

# St. Louis Fed President James Bullard said he sees no reason interest rates need to move much at all.