September Silver traded lower along with gold, eventually closing out the session at 504, down 4.3 cents. Silver has been mostly comatose for over a week and is back near the bottom of the recent trading range of 495 to 520. Throughout the last four months September silver has been between the 528 and 495 area, obviously it hasn't gone anywhere. Fundamentally, nothing fresh has surfaced, and from a technical perspective, silver still looks like a choppy mess. If gold continues to decline silver will likely break support and drift lower.
Technical indicators are mixed and the market is vacillating in the middle moving averages.
The 495 area is the next area of support with resistance at 520.