May 20, 2011 6:56 AM GMT
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| Silver closed slightly lower on Thursday and the mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible near-term. If it extends this month's decline, the 87% retracement level of this year's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. |
EUR/USD's decline extended further as expected as reached as low as 1.2496. The break of 1.2625 confirmed resumption of whole fall from 1.4939. Initial bias remains on the downside this week.
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