Silver declined -0.31% to settled at 59695 as greenback gained against a basket of major currencies after US initial jobless claims fell to the lowest in three weeks and a measure of manufacturing activity rose more than forecast, adding to evidence that the economy is recovering. Also pressure seen after rupee recovered driven by foreign fund inflows, w i th the currency likely to witness ranged trading in the absence of any major domestic cues. Silver got support in the earlier session as base metals recovered as market sentiment found support after official data showed that China’s manufacturing PMI rose to a three-month high of 50.2 vs 49.8. A separate report showed that the final reading of China’s HSBC PMI came in at 49.5 in September, an eight month high. Market players were now looking ahead to a series of important political and economic events set to unfold in early November. Later in the day, the US was to release the ADP report on nonfarm payrolls, as well as the weekly government report on initial jobless claims. In addition, the ISM was to publish data on US manufacturing activity. Any improvement in the US economy could scale back expectations for further easing from the Fed, boosting the dollar and potentially weighing on the metal. Now technically market is getting support at 59459 and below could see a test of 59223 level, And resistance is now likely to be seen at 60132, a move above could see prices testing 60569.

Trading Ideas:

Silver trading range for the day is 59223-60569.

Silver prices eased as the dollar firmed, but moves were muted as investors stayed focused on U.S. employment data

Any improvement in U.S. economy could scale back expectations for further easing from the Federal Reserve

Holdings at ishares silver trust rose by 24.09 tonnes to 9947.28 tonnes.