Silver on MCX settled down -0.15% at 41227 as pressure seen from the firm U.S. dollar ahead of Friday's U.S. payrolls report, which will give clues about whether the Federal Reserve will soon raise interest rates.

The consensus forecast is that the data will show jobs growth of 200,000 last month, following an increase of 215,000 in March, the unemployment rate is forecast to hold steady at 5.0%, while average hourly earnings are expected to rise 0.3% after gaining 0.3% a month earlier. Technically now Silver is getting support at 40960 and below same could see a test of 40694 level, And resistance is now likely to be seen at 41716, a move above could see prices testing 42206.     

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                               Trading Ideas  

• Silver trading range for the day is 40694-42206.

• Holdings at ishares silver trust dropped by 0.34% i.e. 35.50 tonnes to 10454.50 tonnes from 10490.00 tonnes.