However, the path of least resistance continues to be lower and something dramatic needs to happen to change the supply-demand balance before buyers get excited and more shorts lose their shorts. Bears should look to 275.2 as the next target. September silver gave back all of yesterday's gains, losing 4.3 cents to end the session at 499. Obviously silver has been oblivious to the recent strength in platinum and palladium as silver remains bearish to comatose, still in the midst of the 4-month trading range of 495 to 520. I mentioned yesterday that fundamentally nothing fresh surfaced to push prices above near term resistance at 500, that it was mostly technical action.
Technical indicators are bearish and prices are once again in the midst of moving averages.
The 495 area is the next area of support with nearby resistance at 503.6.