Spot silver may witness short covering at lower levels

Spot silver may witness short covering at lower levels

April 08, 2013 11:40

Silver closed higher due to short covering on Friday and the high range close set the stage for a steady to higher opening when Monday'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, last June's low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.