Technical signals are bearish but may be a bit oversold. Consider remaining neutral to bearish until two consecutive closes over 287, but bears should look to 279 as the next target. Recent PGM strength is having virtually no affect on silver or gold as they remain bearish to comatose. Silver is still in the midst of the 4-month trading range of 495 to 520. The sloppy technical action is just another sign that this market is looking for direction as it hovers around 500.
Technical indicators are mixed and prices did close ever so slightly above moving averages.
Look for congestion in the 510 area as resistance.