Silver closed lower on Thursday and is poised to renew the decline off last week's high. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing are needed to 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.