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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 hinting that a short-term 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 its renews last week's decline, the reaction low crossing is the next downside target.

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