Silver settled up 0.39% at 52439 recovered from the previous session's sharp losses, as investors returned to the market to seek cheap valuations after prices fell to a three-week low amid easing concerns over a US military strike against Syria. In an address to the nation late Tuesday, President Obama said that he had asked Congress to postpone a vote on taking military action against Syria. Instead, Obama said that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control. Meanwhile, investors continued to speculate over the timing of the Federal Reserve's widely expected reduction in monthly bond purchases following last week's weaker-than-forecast US jobs report. Silver traders have closely been looking out for US data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases. The central bank is scheduled to meet September 17-18 to review the economy and assess policy. Moves in the silver price this year have largely tracked shifting expectations as to whether the US central bank would end its bond-buying program sooner-than-expected. Also in an address to the nation late Tuesday, US President Barack Obama said that he had asked Congress to postpone a vote on taking military action against Syria. Instead, President Obama said that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control. Technically market is under fresh buying as market has witnessed gain in open interest by 1.21% to settled at 3856 while prices up 204 rupee, now Silver is getting support at 51876 and below same could see a test of 51314 level, And resistance is now likely to be seen at 52948, a move above could see prices testing
53458.

Trading Ideas:

Silver trading range for the day is 51314-53458.

Silver rebounded from lows as investors returned to the market to seek cheap valuations after prices fell amid easing concerns over a U. S. military strike against Syria.

President Obama said that he had asked Congress to postpone a vote on taking military action against Syria.

The central bank is scheduled to meet September 17-18 to review the economy and assess policy.