March silver saw a pretty dull week of trading after starting the week making a new high of 28.075 during Tuesday’s session before closing down on the day. Wednesday and Thursday brought mixed trade until the start of the over night session Thursday were we saw a drop down to 26.105 before working its way back positive to where its currently trading at 27.51. Pressure for the silver market started this week with a stronger US dollar and an uptick in interest rates. Although the dollar has fallen some in the second half of the week, its still weighing on the metals markets as there is a lack of bullish fundamentals to get an extended rally started. There is still a premium for physical silver vs the futures price with some silver ETFs coming out with statements about being worried about being able to acquire the silver needed. Although its not as much of a discrepancy as it was a couple weeks ago, the bulls are looking for that increase in demand to continue and support a rally. From a technical standpoint there is no definitive direction where the silver market wants to go. Silver has done a decent job of bucking any negative news but also has failed to rally off anything as well. Support comes in at 26.85 and with a break of that we would expect to see trade down to 26.10 – 26.20. Resistance comes in at 28.00 and we would need to see a close above that to see a breakout and retest of the highs from the beginning of the month.