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Silver Futures Market 20 Aug 2010

September silver futures on Globex closed marginally lower yesterday as a narrow spread down candle but with a deep wick to the upper body which managed to hold and cling above all three short term moving averages which are now closely intertwined on the daily silver futures chart. Yesterday’s high failed to breach the $18.60 per ounce region which is now increasingly defining the current price action with silver futures oscillating between $17.40 to the downside and $18.60 to the upside. ¬†Yesterday’s bearish candle has converted into a move lower in early trading this morning with the September silver futures contract currently trading at $18.15 at time of writing and testing the 40 day moving average as a result. ¬†Only a break and hold above $18.60 will signal the requisite breakout for silver futures and the establishment of a longer term upwards trend, whilst in the short term we are likely to see further sideways price consolidation.