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Silver closed lower due to profit taking on Wednesday after spiking above the 50% retracement level of the April-May-decline crossing in early trading. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 62% retracement level of the April-May-decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.