Silver settled down -0.49% at 51195 as Rupee recovered in latter session while Silver on COMEX erased earlier losses to rise 1% on Thursday, as the dollar came off the highest levels of the session following the release of unexpectedly strong manufacturing data out of the euro zone and China. Ongoing uncertainty over whether the Federal Reserve will soon begin tapering its bong-buying program continued to weigh on sentiment. Silver futures turned higher as the euro rose to the highest levels of the session against the US dollar after data out of the euro zone fuelled optimism over the region's economic outlook. Also Thursday, data out of China eased concerns over a slowdown in the world's second largest economy. The preliminary reading of China's HSBC manufacturing PMI rose to a four-month high of 50.1 in August. Silver prices were lower on Wednesday after the minutes of the Fed's July meeting showed that officials were "broadly comfortable" with plans to scale back the bank's USD85 billion-a-month stimulus program. However, policymakers remain divided over the timing of possible reduction, with almost all committee members agreeing that a change in the asset purchase program was not yet appropriate. Moves in the silver price this year have largely tracked shifting expectations as to whether the US central bank would end its quantitative easing program sooner-than-expected. Market participants have closely been looking out for US data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases. Technically market is getting support at 50714 and below same could see a test of 50232 level, And resistance is now likely to be seen at 51939, a move above could see prices testing 52682.

Trading Ideas:

Silver trading range for the day is 50232-52682.

Silver prices dropped tracking weakness in gold and crude oil prices amid due to firm rupee.

Prices came under pressure after the minutes of the Federal Reserve's July meeting indicated support for tapering.

Jobless claims for the preceding week were revised up to a gain of 323,000, from a previously reported 320,000.