Silver - Daily technial Forecast

12 March 2010 @ 10:42 am EDT

Silver closed higher due to short covering on Thursday as it consolidated some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it renews the rally off February's low, the 75% retracement level of the aforementioned decline crossing is the next upside target.

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