The July silver market actually carved out an outside day down breakout this morning after the market showed the capacity to claw its way back above the prior session's close. Like gold, silver seemed to be at least partially disappointed in the net shake from the Fed testimony and it also seemed as if scheduled US economy data was given very little credence today. Some traders suggest that a minor decline in US claims might have undermined the prospect of near term easing, while others think technical reversal action simply served to push some fresh buyers back to the sidelines. The question going forward is how quickly will US Fed easing hopes be revived.
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