Yesterday’s Federal Reserve announcement was mixed which leaves the market status quo.

Yesterday’s Federal Reserve announcement was mixed which leaves the market status quo. This has led to downward pressure on the precious metals market. Silver has had the biggest negative reaction trading as low as 16.14 and currently trading 16.21. Silver is down 6% on the week which is either a signal of more to come in the rest of the group or a good buying opportunity for the silver consumers. It almost appears as if the Friday’s Non-farm Payrolls never happened. Todays’ weekly Jobless claims report was slightly better than expectations but not an important factor to shape expectations, unless you are on television and selling the perception that everything is better than the recent more important figures convey. Technically the group looks weak and will remain under pressure. We are back to expecting downward moves to test lower price levels that will be short lived. For the US based market no important economic report is due until next week when we will have the US Retail Sales and Consumer Price Index.