Silver settled down at 44399 as hopes that Friday's U.S. jobs report will come in solid chipped away at the precious metal's safe-haven appeal. While fall was limited on MCX as compare with Comex Silver as support seen on MCX as rupee slumped to a three-month low on Thursday, hurt by a rally in the dollar in global markets that helped spur state-run banks into buying greenbacks for corporate- and defence-related payments. Bullion posted more a loss of nearly 3.5 percent for July, its biggest monthly loss this year, as the Federal Reserve's reduced bond-buying stimulus and a better undertone in the U.S. economy decreased the metal's appeal as a hedge. On Thursday, the price of bullion came under pressure after U.S. data showed labor costs recorded their biggest gain in more than 5-1/2 years in the second quarter, bolstering the economy's outlook. Thursday's data also showed a continued strengthening of U.S. labor market conditions even though the number of Americans filing new claims for unemployment benefits rose last week. Bullion investors are also digesting news that Argentina defaulted for the second time in 12 years. Earlier Thursday, the Labor Department reported that the number of individuals filing for unemployment assistance in the U.S. last week rose by 23,000 to 302,000 from the previous week’s total of 279,000.. Technically market is under long liquidation as market has witnessed drop in open interest by -3.25% to settled at 7706, now Silver is getting support at 44180 and below same could see a test of 43962 level, And resistance is now likely to be seen at 44708, a move above could see prices testing 45018.

Trading Ideas:

Silver trading range for the day is 43962-45018.

Silver dropped as hopes that Friday's U.S. jobs report will come in solid chipped away at the precious metal's safe-haven appeal.

The Federal Reserve's reduced bond-buying stimulus and a better undertone in the U.S. economy decreased the metal's appeal as a hedge.

Bullion continued to slide as the dollar continued to see support from Thursday's upbeat U.S. gross domestic product report.