Silver closed lower on Thursday and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this year's rally, the 62% retracement level of the 1980-1993 decline on the weekly chart crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.