It is worth noting that a rising Bollinger Band in Silver price action seems to suggest another leg down is coming. See the chart as we are highlighting that should price hit the top of the BB, silver retraced heavily and this time might not be so different. Should this play out, we have 15.77 as the potential price target.
The RSI also seems to suggest that there are more rooms lower from here on and the white metal is not oversold yet. We will cover any remaining long and will look to enter short with a stop at 16.90 levels. Below are key levels that we will continue to monitor and this will change depending on price action.