Silver settled down -1.48% at 43869 fell to a one-week low on Wednesday, while gold also declined, as prospects of further stimulus tapering by the Federal Reserve weighed on the precious metals. Minutes of the Fed's Dec. 17-18 policy meeting, released on Wednesday, showed many members of the policy-setting Federal Open Market Committee wanted to proceed with caution in trimming the asset purchases, and most wanted to stress that further reductions were not on a preset course. The U. S. central bank's plans to trim its massive bond-buying program by $10 billion to $75 billion per month and an improving U. S. economic outlook will continue to pressure the metal. US private employers hired staff at the fastest pace in 13 months in December, data from a payrolls processor showed, burnishing expectations that national jobs data due later in the week from the government will confirm the U. S. economy was gathering steam at the end of last year. Markets are focusing their attention on U. S. weekly jobless claims data on Thursday and nonfarm payrolls on Friday. Meanwhile report from Citi is publised that they are not bullish on Gold at this stage. The early signs of growth in Europe, the pickup in growth in the US and the improvement in global economy suggest that people are becoming more risk seeking. Hence in all probabilities, they may shed their gold holdings which normally are considered as defensive bet. Technically market is under fresh selling as market has witnessed gain in open interest by 15.16% to settled at 11422 while prices down -657 rupee, now Silver is getting support at 43483 and below same could see a test of 43097 level, And resistance is now likely to be seen at 44372, a move above could see prices testing 44875.

Trading Ideas:

Silver trading range for the day is 43097-44875.

Silver dropped after data showed that U. S. non-farm private employment rose at the strongest pace in two years last month.

US non-farm private employment rose by a seasonally adjusted 238,000 in December, easily surpassing expectations for an increase of 200,000

Two top Fed officials said they expected the bank to reduce stimulus at a steady pace.