An overall choppy week of trade was seen in the silver market this week. We saw the low of the week of 25.805 posted Wednesday before closing higher. In similar fashion, Thursday traded as high as 26.740 before pulling back and closing lower on the day. Silver is slightly lower this morning, opening at 26.15 in the May contract. The silver market faced a lot of adversity this week with a falling stock market and rising US dollar. Despite the 10 yr falling this week and showing signs of inflation the Fed meeting left rates low and maintained their stance on focusing on job growth and using tools to raise inflation in a controlled manner. This welcoming of a rise in inflation should benefit silver and the metals markets in general but the rising US dollar is negating any rally with some downward pressure. There is still a disconnect between physical silver demand and the futures price. Silver ETFs saw several outflows this week with Thursday being the highest at 2.4 million ounces. Support comes in at 25.85 and resistance is above the market at 26.70 and then 27.07. This week’s sideways chop shows some coiling and a potential breakout to the upside if resistance levels are broken that would trigger stop loss buying from the shorts pressuring the market. With the Fed’s comments this week the bulls have a slight edge but if the support that was built is broken another leg lower is expected.