Silver closed lower on Wednesday as it extends this week's trading range above the 25% retracement level. The midrange close set the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near term. If it extends the rally off June's low, the 38% retracement level of the September-June decline crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a short term top has been posted.