Silver settled down -0.3% at 41955 as the dollar climbed on signs that the U. S. is recovering while Europe's economy falters. Investors digested an upbeat take on the economy from Federal Reserve Chair Janet Yellen and concluded that despite improvements taking place in the labor market, slackness persists, leading investors to believe the Fed will take its time raising interest rates. Speaking at the Federal Reserve Bank of Kansas City's annual Jackson Hole symposium, Janet Yellen said the U. S. economy is recovering and added the labor market is improving as well. "More jobs have now been created in the recovery than were lost in the downturn, with payroll employment in May of this year finally exceeding the previous peak in January 2008. Job gains in 2014 have averaged 230,000 a month, up from the 190,000 a month pace during the preceding two years," Yellen said in prepared remarks of her speech. "The unemployment rate, at 6.2 percent in July, has declined nearly 4 percentage points from its late 2009 peak. Over the past year, the unemployment rate has fallen considerably, and at a surprisingly rapid pace." Data this month showed U. S. home sales rose and manufacturing accelerated while euro-area growth stalled in the second quarter. Ukraine declared on Friday that Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of aid trucks across the border into eastern Ukraine where pro-Russian rebels are fighting government forces. Technically market is under long liquidation as market has witnessed drop in open interest by -2.95% to settled at 8985 while prices down -125 rupee, now Silver is getting support at 41710 and below same could see a test of 41465 level, And resistance is now likely to be seen at 42270, a move above could see prices testing 42585.

Trading Ideas:

Silver trading range for the day is 41465-42585.

Silver settled down as the dollar climbed on signs that the U. S. is recovering while Europe's economy falters.

Janet Yellen said the U. S. economy is recovering and added the labor market is improving as well.

Data this month showed U. S. home sales rose and manufacturing accelerated while euro-area growth stalled in the second quarter.