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Silver closed higher due to short covering on Monday and above the 10-day moving average crossing signalling that a short-term low is in or is near. The high-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish hinting that a short-term 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 extends the decline off January's high, the 38% retracement level of the July-January rally crossing is the next downside target.