Silver settled up 0.68% at 44670 extended gains from last week on Monday, as a mixed U. S. employment report forced investors to recalibrate their assumptions about the future course of the Federal Reserve's monetary policy. Data on Friday showed that the U. S. economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs. It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring. Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December. Also solid physical demand also was at a play. Silver coins sales by the U. S. Mint almost tripled in January, surging to 4.78 ounces from 1.2 ounces in December. Meanwhile, sales by the Perth Mint rose almost 8% in January on a monthly basis. Market players now looked ahead to Congressional testimony from new Federal Reserve Chair Janet Yellen later in the week for clues regarding the future of course of U. S. monetary policy. The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting. Technically market is under fresh buying as market has witnessed gain in open interest by 4.36% to settled at 11686 while prices up 301 rupee, now Silver is getting support at 44432 and below same could see a test of 44194 level, And resistance is now likely to be seen at 44963, a move above could see prices testing 45256.

Trading Ideas:

Silver trading range for the day is 44194-45256.

Silver gained as traders reassessed their expectations for how quickly Fed will roll back its stimulus program following the release of mixed U. S. employment data.

Mixed U. S. employment report forced investors to recalibrate their assumptions about the future course of the Federal Reserve's monetary policy.

Data on Friday showed that the U. S. economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000.