Silver on MCX settled down -0.09% at 42900 tracking weakness from Comex Silver which settled at 17.99 settled nearly unchanged on Monday as holiday trade in the U. S. reduce volume and reduced volatility. The dollar has lost some support in recent weeks as a lack of concrete detail dampened post-election euphoria over Trump's commitment to cutting taxes, easing regulation and boosting spending. Meanwhile the euro edged higher against the dollar after a slide in U. S. bond yields, shrugging off worries over upcoming French elections. The heads of five regional U. S. Federal Reserve banks are scheduled to speak this week. In addition, Fed Board Governor Jerome Powell appears on Wednesday, when minutes of the last policy meeting are also due. In the holiday shortened week ahead, the Fed is to publish the minutes of its February meeting on Wednesday, which will be scrutinized for clues on the timing of the next rate hike. Investors will be looking to U. S. housing data in order to see whether the rise in consumer spending and inflation is translating into higher house prices and a pick-up in home sales. Markets will also be watching survey data on private sector activity in the euro zone on Tuesday. Now technically market is under long liquidation as market has witnessed drop in open interest by -0.05% to settled at 11322 while prices down -37 rupees, now Silver is getting support at 42698 and below same could see a test of
42496 level, And resistance is now likely to be seen at 43020, a move above could see prices testing 43140.

Trading Ideas

# Silver trading range for the day is 42496-43140.

# Silver traded in range after a further signal that a rate hike in March is a solid possibility in otherwise light trade with U. S. markets shut for a holiday.

# Market activity is likely to be largely subdued until guidance on the pace of interest rate hikes from a raft of Federal Reserve speakers.

# At least five Fed officials are due to speak this week, while Fed Board Governor Jerome Powell appears on Wednesday.