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Silver closed higher due to short covering on Wednesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning bullish signalling that sideways to higher prices are possible. Multiple closes above the 10-day moving average crossing would confirm that a short-term low has been posted. If it renews last week's decline, the 25% retracement level of the July-January rally crossing is the next downside target.