Bears should look to 275.2 as the next target. Silver has been following gold lower, 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 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.