Silver closed higher on Wednesday and above the 50% retracement level of the April-May-decline crossing. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 62% retracement level of the April-May-decline 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.