Silver settled down -1.42% at 44931 a day after concerns about a conflict between Russia and Ukraine shot prices up. Prices seen under pressure as speculation that the Federal Reserve will raise U. S. interest rates sooner than expected outweighed concerns that tensions between Ukraine and Russia will escalate. The Fed may have to raise its benchmark rate more quickly than planned as unemployment drops and inflation accelerates, James Bullard, president of the St. Louis Fed, said.

Fed policy makers pledged to keep borrowing costs low, while turmoil in the Middle East and Eastern Europe spurred demand for a haven asset. Payrolls rose in 33 states in June and the U. S. unemployment rate fell in 22, adding to advances in the labor market, U. S. government data showed today. The index of leading indicators increased last month, signaling the economy continues to gain momentum. The Thomson Reuters/University of Michigan preliminary consumer sentiment index fell to a four-month low of 81.3 in July from 82.5 in June, confounding expectations for rise to 83.0. U. S. Barack President Obama said Friday, however, that sanctions were aimed at having minimal impacts on the global economy, which opened the door for profit taking and sent silver prices lower.

Concerns that even more sanctions may be slapped on Russia in wake of the incident softened the dollar and bolstered prices by fueling fears the fallout will weigh on global recovery. Technically market is under long liquidation as market has witnessed drop in open interest by -4.03% to settled at 7374 while prices down -648 rupee, now Silver is getting support at 44605 and below same could see a test of 44278 level, And resistance is now likely to be seen at 45415, a move above could see prices testing 45898.

Trading Ideas:

Silver trading range for the day is 44278-45898.

Silver settled down a day after concerns about a conflict between Russia and Ukraine shot prices up.

The Fed may have to raise its benchmark rate more quickly than planned as unemployment drops and inflation accelerates.

Fed policy makers pledged to keep borrowing costs low, while turmoil in Middle East and Eastern Europe spurred demand for a haven asset.