On the daily chart, the instrument is testing the level of 16.40. The key support is the level of 16.50, the breakout of which will let silver grow to the range of 16.70–16.80. Bollinger Bands are pointed sideways, while the price range decreased, which reflects the change of the upward trend. The nearest strong resistance is the level of 16.27. MACD histogram is in the negative zone, keeping sell signal. Stochastic is reaching the oversold area, giving no signal to enter the market.
XAG/USD, H4
On the 4-hour chart, the instrument is trading in the lower part of Bollinger Bands. The indicator is pointed horizontally, as the price range stays the same, which reflects the development of the correction. MACD histogram is in the negative zone, its volumes insignificantly decreased, giving a weak sell signal. Stochastic does not give a clear signal to open the positions.