September silver closed at 503.8, up 3.8 cents, as it seems strength in palladium and platinum may have spilled over a bit into the silver pit. However, until today, silver has mostly been oblivious to the recent strength in platinum and palladium as it remains 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, a fresh catalyst of some sort. With prices hovering around 500 it is clear the market still can't make up its mind.
Technical indicators are mixed and prices are now above moving averages.
Prices did close just a shade above nearby resistance at 503.6, look for congestion in the 510 area as resistance.