Technical signals are headed higher but prices are not above moving averages yet. Two consecutive closes over 279.7 have not occurred yet, and waiting for that to occur before taking on bullish positions may be advisable. A small corrective a rally to a retracement of 285.8 would be an initial target. September silver closed at 490.8, down 3.7 cents. Silver is now below the bottom of the recent 4-month trading range of 495 to 520, and in spite of the small bounce late last week, the market is still weak.
Technical indicators are bearish and prices are below moving averages.
Congestion in the 496 area is still resistance. Don't get too excited to buy until two consecutive closes over the 496 area, otherwise one has to remain neutral to bearish.