Silver prices steadied as investors awaited a speech from Federal Reserve Chair Janet Yellen for fresh clues about the timing of the next rate hike. The U.S. central bank should be able to raise rates "in a gradual and patient manner," Dallas Fed President Robert Kaplan said. Federal Reserve Chair Janet Yellen says she expects rates to rise 'a few times a year' until end of 2019. While the Fed is close to its dual mandate of full employment and price stability, she cannot project the specific timing of another rate hike, Yellen told the Commonwealth Club in San Francisco, California. The Fed hiked interest rates in December for only the second time in a decade. While some Fed members have predicted three interest rate hikes in 2017, others say the central bank should hike rates more gradually. After reporting a drop in U.S. industrial production in the previous month, the Federal Reserve released a report on Wednesday showing that production rebounded strongly in the month of December. The Fed said industrial production climbed by 0.8 percent in December after slumping by a revised 0.7 percent in November. Governments must undertake fiscal and structural reforms to reduce the inequalities amid rising populist backlash, the International Monetary Fund Managing Director Christine Lagarde said. Now there is an opportune time for policymakers to put in place policies that will help reduce inequalities, Lagarde said while participating in a Bloomberg hosted panel at the World Economic Forum in Davos, Switzerland, that discussed a middle class crisis. Technically now Silver is getting support at 41646 and below same could see a test of 41295 level, And resistance is now likely to be seen at 42217, a move above could see prices testing 42437.

Trading Ideas:

Silver trading range for the day is 41295-42437.

Silver prices steadied as investors awaited a speech from Federal Reserve Chair Janet Yellen for fresh clues about the timing of the next rate hike.

U.S. Commerce Department said that consumer prices gained 0.3% in December, in line with expectations.

Fed’s latest Beige Book pointed to a jump in manufacturing and tight labor markets showing U.S. economic health.