Oil Surge Weighs on Silver Prices as Main Trend Turns Down

Silver prices are edging lower on Monday as they sit inside Friday's range. The market is showing signs of investor indecision and impending volatility, according to FXEmpire.

The main trend turned down on Friday when sellers took out the September 2 bottom at $63.31. A break through $62.85 will signal a resumption of the downtrend. In contrast, taking out $68.33 would change the main trend to up.

Support for silver is near the 50-day moving average at $62.58, which is inside the retracement zone at $62.98 to $61.04. This zone also includes Friday's selling at $62.85. The 200-day moving average is a distant $73.00.

The market's range over July 17 to August 28 is $54.78 to $71.18, with additional support coming from 50% of the all-time high at $60.835.