The January silver contract has traded sideways so far this week with Monday putting in a low of 22.10. The silver market is looking to build some support here, at least temporarily, after the fall the second half of November from 25.475 to 22.05. Stocks are trying to hold the gains from earlier in the week and the market is awaiting US CPI numbers that come out on Friday. More importantly for the silver market is how the US dollar will react to that CPI number, a higher-than-expected number will be bullish the US dollar and most likely drive silver lower. Also, the Fed projection of tapering sooner than originally thought, could pressure stocks which would add pressure to the silver market as well. Another disappointing look for the silver market was its lack of a push higher with the last two days of a risk on environment in stocks. The bullish side of the trade is going to want to see support build here with a slowing of tapering talks and higher inflation readings. Resistance comes in at 23.45 for the January contract and a push through that is needed to see recent highs tested again. If support is broken expect a move lower, but it should be short lived as the 20-22 range is an attractive accumulation level for longer term traders.