Pretty dismal start of the moth for the silver market with the end of last week’s slide lower continuing this week. Tuesday was the only green day as the market fought off the lows to close higher on the day. The rest of the week we say trade down to support at $25. The outlook for silver remains bearish in the short term with a rally this week in the US dollar and a rise in interest rates. The Fed is sticking to their story of not stepping in front of inflation for the time being. A positive jobs number this morning at 379K vs an estimate of 182k will also add pressure to the silver market. The stock market also saw a pullback after starting the week trading higher which shows an overall risk off environment in the market. A stimulus package is still in talks, but it may be too little too late to make a significant impact. May silver needs to hold this $25 support level or risks seeing trade push down to $24 and then $22.50. The bulls are going too have to see a bounce to $27.50 and then $28.50 in order to rally back to the most recent high of $30. There is still a case for a rally in the metals but its not going to be an easy route and you should expect some back and forth along the way.