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Silver closed lower due to profit taking on Wednesday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term.

Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews the decline off June's high, June's low crossing is the next downside target.