Silver yesterday settled up 1.06% at 44228 after private US jobs growth misses forecast. The sluggish hiring pace by US firms in May curbed speculation that the Fed may begin to taper its $85 billion monthly bond-buying program, part of a set of stimulus measures by the Fed known as quantitative easing, or QE. QE helped push gold prices to record highs in 2011 by keeping interest rates at historic lows, pushing some investors to safer assets, providing easier access to the funds to do so, and at the same time stoking fears over inflation. Silver prices were likely to find support at $21.92 a troy ounce, the low from May 23 and resistance at $23.05, the high from May 30. Markets were focusing on the US private sector jobs report by payroll processor ADP later Wednesday for clues on Friday’s key nonfarm payrolls data. Data on Monday showing that activity in the US manufacturing sector contracted for the first time in six months in May dampened expectations that the Fed will scale back its asset purchase program later this year. Moves in the silver price this year have largely tracked shifting expectations as to whether the Fed would end its bond-buying program sooner-than-expected. Silver, like gold, can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies.Technically market is under short covering as market has witnessed drop in open interest by -6.63% to settled at 12208 while prices up 465 rupee, now Silver is getting support at 43802 and below same could see a test of 43375 level, And resistance is now likely to be seen at 44624, a move above could see prices testing 45019.

Silver trading range for the day is 43375-45019.

Silver prices settled up tracking gains from gold and base metals after private U.S. jobs growth misses forecast.

A report by payrolls processor ADP showed U.S. private employers added 135,000 jobs in May, falling short of expectations.

Silver have largely tracked shifting expectations as to whether the Fed would end its bond-buying program sooner-than-expected.

Silver can benefit because of expectations that ample liquidity would put a damper on the value of paper currencies.