Tue 22 May 2012 11:15:01 CT
The silver market seemed to be able to respect even number support at the $28.00 level in the July silver contract this morning. Like gold, silver seemed to regain its footing into the scheduled US data window but perhaps the impetus for the recovery was the gains in US stocks and a slightly improved attitude toward the Euro zone. It is also possible that slack Richmond Fed manufacturing data was seen as another development could ultimately prompt the US Fed to act. However, existing home sales data coming in stronger than some expectations this morning probably complicates the prospects of easing from the US Fed.
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