September silver traded a bit higher, settling at 505.3, up 3-cents, in a session that saw only a 3 cent range. Silver has been mostly comatose for over a week and is back in the midst 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 as indicators are noncommittal. If gold continues to decline silver will likely break support and drift lower, and vice-versa.
Technical indicators are mixed and the market is vacillating in the middle of moving averages.
The 495 area is the next area of support with resistance at 520.