Silver closed higher due to short covering on Wednesday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. If it extends last week's decline, June's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted.