In spite of the fact that palladium and platinum crashed today, silver managed a small gain. September silver posted a small rally today, finishing at 497, up 2.7 in what was mostly a quiet day. However, the recent heated action in the PGM has been negligible at best. 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 are now below moving averages.
Look for nearby congestion in the 498.5 area as resistance.