XAG/USD, D1
On the daily chart, the price is trying to start a downward correction from 24.11 (correction 0.0%) with a possible target of 22.61 (correction 23.6%), supported by the middle line of Bollinger bands. However, it will be difficult for quotes to break below, as the uptrend in the trading instrument trading remains, and if it consolidates again above 24.11, growth will resume to April highs around 26.20.
Technical indicators confirm the positive dynamics: Bollinger bands and Stochastic are directed upwards, while the MACD histogram is stable in the positive zone.
XAG/USD, W1
On the weekly chart, the price is rising for the fourth month in a row from the 18.00 area. Currently, the quotes are breaking through the opposite downwards fan and are close to 24.38 (correction 61.8%), the breakout of which will give prospects for reaching 25.70. After the breakdown of 23.18 (correction 50.0%), a decrease to 21.95 (correction 38.2%) will become possible.
Technical indicators do not give a clear signal: Bollinger bands are reversing upwards, and the MACD histogram is increasing in the positive zone, but Stochastic may leave the overbought zone, which does not exclude a corrective decline.
The further growth of quotations seems more likely, and in case of a breakout of 24.38 (correction 61.8%, W1), its targets will be 25.70, 26.20. A possible corrective rollback to 22.61 (correction 23.6%, D1) or 21.95 (correction 38.2%, W1) is unlikely to change the current downward trend.
Resistance levels: 24.38, 25.70, 26.20. | Support levels: 22.61, 21.95.