Silver on MCX settled down -0.77% at 41362 amid heavy profit taking, as officials suspended Brexit campaigning for a second consecutive day following the tragic death of a Parliament member, throwing closely-watched referendum into limbo. St. Louis Fed president James Bullard said Friday that the U.S. central bank may only need to raise rates once over the next two and a half years, amid a historically low interest rate environment among other top central banks worldwide.

The economy grew at a 0.8 % annualized rate in the first quarter. The Atlanta Federal Reserve left its growth forecast for the second quarter unchanged at a 2.8 percent pace after Friday's housing starts data. 

Technically market is under long liquidation as market has witnessed drop in open interest by -2.13% to settled at 10816, now Silver is getting support at 41069 and below same could see a test of 40775 level, And resistance is now likely to be seen at 41566, a move above could see prices testing 41769.      

                   Trading Ideas 

• Silver trading range for the day is 40775-41769. 

•  Holdings at ishares silver trust dropped by 1.58% i.e. 168.54 tonnes to 10492.67 tonnes from 10661.21 tonnes.