Spot Silver analysis: Expects 87% retracement level of June-October rally crossover

Silver closed unchanged on Monday. The low range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near term. If it extends this month's decline, the 87% retracement level of the June-October rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a short term low has been posted.