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Silver closed lower due to profit taking on Wednesday as it consolidates some of this week's rally but remains above the 20-day moving average crossing. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off January's high, the 38% retracement level of the July-January rally crossing is the next downside target.