Silver settled down -0.63% at 47486 fell as the markets expect reduced demand from major importer China after it reported weak manufacturing data. Bullion prices have risen in recent weeks due to soft jobs, manufacturing and other economic indicators that prompted many investors to speculate that the Federal Reserve may slow the pace at which it tapers its asset-buying stimulus program. The Fed is currently buying $65 billion in bonds a month to suppress interest rates to spur recovery, which weakens the dollar as a side effect, thus bolstering gold's image as a hedge. On Wednesday, the Federal Reserve released the minutes of its January policy meeting that revealed most monetary authorities felt monthly bond purchases will continue tapering as the year unfolds, which boosted the dollar on Thursday. Data out of the U. S. failed to seriously cap the greenback's advance, as speculation remained strong that the Federal Reserve will continue dismantling its dollar-weakening stimulus tools. The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to minus 6.3 in February from January's reading of 9.4. Also pressure seen Indian rupee recovered after hitting a one-week low on Thursday as dollar sales by custodian banks aided, but losses in domestic shares and regional peers after minutes from the U. S. Federal Reserve meeting showed it would stick to its tapering schedule prevented further gains. Technically market is under fresh selling as market has witnessed gain in open interest by 0.28% to settled at 9536 while prices down -301 rupee, now Silver is getting support at 47202 and below same could see a test of 46917 level, And resistance is now likely to be seen at 47721, a move above could see prices testing 47955.

Trading Ideas:

Silver trading range for the day is 46917-47955.

Silver dropped as after investors continued to sell for profits, shrugging off a soft regional U. S. output report as weather-related setback that won't alter monetary policy.

Continuing jobless claims in the week ended February 8 rose to 2.981 million from 2.944 million in the preceding week.

Holdings at ishares silver trust dropped by 0.68% i. e. 68.81 tonnes to 10081.70 tonnes from 10150.51 tonnes.