Silver holds at $34.96/oz, after trading in a $34.08 to $35.34 range. The precious metal posted a new 31-month high of $49.51/oz April 28 and then fell 34.7% to a low of $32.33 May 12. Silver has made a series of lower highs and has closed below its 55-day moving average (currently $38.90) two Friday's in a row, both deemed negative. From the 2011 low of $26.38 (Jan 28) to the May peak, silver rallied 87.6%, only to then fall a bit beyond its 61.8% Fibonacci retracement at $35.22.