Silver closed lower due to profit taking on Friday as it consolidated some of the rally off last Friday's low. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it resumes the decline off January's high, the 50% retracement level of the 2008-2009-rally crossing is the next downside target.
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