Silver settled down by -0.75% as investors snapped up dollar positions in anticipation that the Conference Board will reveal stronger than expected consumer confidence data later in the day. Bullion and the dollar trade inversely from one another, and solid economic indicators tend to put to rest talk of Fed stimulus measures, which would weaken the greenback to spur recovery and send gold climbing as a side effect. The Conference Board's CCI will publish and provide markets with forward-looking insight into the future of the US economy, considering consumer demand drives 70% of total US output. Similar indicators have surprised on the upside in recent trading sessions. Hopes the Conference Board's figures will surprise as well and put to rest talk the Fed will stimulate the economy via monetary easing tools sent the dollar gaining. The Fed will host its annual symposium at Jackson Hole, Wyoming next week, where Fed has announced monetary easing measures in the past. While the market remains on edge, talk began to build Tuesday that if the Fed does decide to jolt the economy with monetary stimulus, it may wait until after the Jackson Hole symposium when it has more data to digest, which further sent gold falling. Now technically market is getting support at 57259 and below could see a test of 56908 level, And resistance is now likely to be seen at 58052, a move above could see prices testing 58494.

Trading Ideas:

Silver trading range for the day is 56908-58494.

Silver ended with weak trend due to profit booking amid weakness in base metals prices

ECB President Mario Draghi cancelled plans to attend the Federal Reserve’s annual summit in Jackson Hole

Holdings at ishares silver trust dropped by 12.06 tonnes to 9763.53 tonnes