Silver settled down -0.32% at 41453 dropped on Friday, notching its second consecutive weekly drop, with selling triggered by a sharp rise in the U.S. dollar and market expectation that the Federal Reserve could raise interest rates next year. Heightened geopolitical tensions underpinned bullion prices after Russia's President Vladimir Putin flew to Crimea for parades marking the Soviet victory in World War Two, his first visit since annexing the peninsula from Ukraine. Pressure on Silver came from the euro's sharp decline off a 2-1/2 year high against the dollar extended for a second day, after European Central Bank chief Mario Draghi on Thursday threatened more monetary stimulus. Silver was down 1 percent last week, after prices tumbled on Wednesday after Fed Chair Janet Yellen said a high degree of monetary accommodation was warranted given "considerable" slack in the U.S. labor market and low inflation. Yellen's comment did not alter a consensus that the Fed will start to raise interest rates around July 2015 after completely unwinding its stimulus later this year. Meanwhile, market players weighed uncertainty surrounding developments in Ukraine. Russian President Vladimir Putin called on pro-Russia separatists in the eastern reaches of the country to postpone their referendum on independence earlier in the week. However, the separatists said they plan to go ahead on Sunday with a vote that some fear could lead to a civil war. The West is accusing Russia of leading a separatist revolt in eastern Ukraine after it annexed Crimea last month. Technically market is under long liquidation and getting support at 41215 and below same could see a test of 40978 level, And resistance is now likely to be seen at 41792, a move above could see prices testing 42132.

Trading Ideas:

Silver trading range for the day is 40978-42132.

Silver dropped with selling triggered by a sharp rise in U.S. dollar and expectation that the Federal Reserve could raise interest rates next year.

Fed Chair Yellen said a high degree of monetary accommodation was warranted given "considerable" slack in the U.S. labor market.

ECB President said bank's governing council is comfortable with acting at its next meeting after bank publishes fresh inflation and growth forecasts.