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Silver closed lower on Tuesday as it extends this month's decline. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the 38% retracement level of the July-January rally crossing is the next downside target. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.