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Silver Futures Market 23 Aug 2010

September silver futures on Globex closed lower on Friday once again, ending with a wide spread down candle which breached all three short term moving averages and pushing silver futures back into the sideways consolidation channel.  Friday’s move lower came as no great surprise following Thursday’s shooting star candle which signalled the possibility of a break lower having run into resistance at the $18.60 per ounce area, and this was duly validated in Friday’s commodity trading session.  This negative sentiment towards the industrial metal has continued overnight and into this morning’s session with the September silver futures contract currently trading lower at $17.93 at time of writing, 6 cents lower on the day to date.  The key for the medium term is whether we will see a reversal from the lower level of the channel should the metal reach $17.40 or marginally lower and, if so, then a further period of sideways consolidation between this price point and $18.60 to the upside seems likely.