Silver settled flat paring gains to ease off high, after Federal Reserve Chair Janet Yellen said that the central bank was likely to continue tapering its monthly bond-buying program in measured steps. Fed Chair Yellen said that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected. She added that the pace of the central bank's bond purchases are not on a "preset course", while reiterating that Fed plans to hold interest rates at zero "well past" the time the jobless rate falls below 6.5%.The testimony is coming amid fresh concerns over the outlook for the recovery, following the weakest two-month stretch of U. S. job creation in three years in December and January. The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting. Also bolstering prices were Yellen's observations that "the recovery in the labor market is far from complete" despite progress seen over the last year, describing the country's 6.6% unemployment rate as "well above levels" that Fed officials consider sustainable. The Fed is currently purchasing USD65 billion in Treasury holdings and mortgage debt a month to suppress interest rates to spur recovery, and Yellen's words, while in line with market expectations, kept expectations firm that monetary authorities will trim asset purchases on a gradual basis, while tightening remains far off on the horizon. Technically market is under fresh buying and getting support at 44434 and below same could see a test of 44168 level, And resistance is now likely to be seen at 44943, a move above could see prices testing 45186.

Trading Ideas:

Silver trading range for the day is 44168-45186.

Silver prices pared gains after Janet Yellen said that central bank was likely to continue tapering its monthly bond-buying program

Yellen said that central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected.

Holdings at ishares silver trust gained by 0.45% i. e. 44.89 tonnes to 10090.68 tonnes from 10045.79 tonnes.