Silver settled flat as investors looked ahead to the release of the minutes of the Federal Reserve’s June policy meeting later in the day. Prices advanced amid concerns that recent U.S. data showing that the labor market is continuing to strengthen will not be enough to prompt the Fed to bring forward its timetable for raising interest rates. Official data late last week showed that the U.S. economy added a larger-than-forecast 288,000 jobs last month, while the unemployment rate ticked down to 6.1%, the lowest in almost six years. Overnight, the dollar traded largely lower as investors opted to go long on stocks after the Federal Reserve confirmed market expectations for monetary stimulus programs to end this year, likely in October. The Federal Reserve said in the minutes of its monetary policy meeting earlier that it should end its monthly bond-buying program by the end of this year, likely in October, which sent investors chasing stocks on sentiments that the economy is recovering. The Fed has gradually been trimming the amount of bonds it purchases by $10 billion a month, and by end of this year, the program should close if the Fed continues to taper on its current trajectory. While the labor market has shown some signs of improvement, markets remain unclear if recovery has been strong enough to prompt the Fed to hint that it may begin raising interest rates sooner rather than later. Technically market is under long liquidation as market has witnessed drop in open interest by -8.54% to settled at 7488 while prices down -36 rupee, now Silver is getting support at 44650 and below same could see a test of 44512 level, And resistance is now likely to be seen at 45011, a move above could see prices testing 45234.

Trading Ideas:

Silver trading range for the day is 44512-45234.

Silver settled flat as investors looked ahead to the release of the minutes of the Federal Reserve’s June policy meeting later in the day.

The Fed has begun detailing how it plans to ease the U.S. economy out of an era of loose monetary policy, indicating it will end its asset purchases in October.

Official data late last week showed that the U.S. economy added a larger-than-forecast 288,000 jobs last month