To start the week we saw silver trade higher, continuing Friday’s momentum, with a weekly high of 23.955 before seeing lower highs and lower lows the rest of the week. Despite the move lower in stocks this week, silver couldn’t catch any support and traded as low as 23.015 Friday morning. A stronger US dollar which traded to a recent new high and continues to show strength also added pressure to the silver market. Weekly jobless claims fell to 348,000 and Wednesday’s FOMC meeting showed that there has been an increase in the Fed tapering earlier than originally expected. Gold saw some safe heaven buying with a ramp up in virus cases, but silver hasn’t been able to find the same interest. Silver ETF holdings also saw a decline this week, showing that the metal has lost the interest of some traders and the short-term trend lower looks to continue in the near term. The bulls are needing to see Sept silver hold the 22.97 level and find some fundamental news to push it back to resistance at 24. A break o 22.97 would likely see a push back down to last week’s flash crash low of 22.295. As of now the bear camp holds control and selling is likely to continue until we see a push above $24 to get some more interest back into the long side.