The silver market chopped sideways this week around the $26 level after falling $2 the end of last week’s trade. There has been a nice recovery in stocks since the Fed meeting last week and that along with the Fed reiterating that inflation will be temporary has limited any bullish strength in silver. The market also saw a PCE number that was higher than the prior month but in line with expectations. This would typically show increasing inflation expectations and benefit the gold and silver but the market hasn’t been reacting to traditional drivers such as increasing demand and signs of inflation. Although Sept silver has found support around $26, it was unable to hold any push higher off that level. A break of $25.85 would likely see the price trade down to $24 which is the lower end of the longer term, sideways channel it has been trading in. The bulls need to see a rally that goes to test resistance of $28 but with the way the market has been ignoring any fundamental data that it normally follows it might be difficult for any bullish rally in the near term.