$XAG is showing a different structure. After an aggressive rally, price has formed a distribution range near the top of its move. Multiple rejections from the same resistance zone indicate supply is actively defending this level. The most recent breakdown below minor support suggests weakening momentum.
Liquidity has built below the recent consolidation floor, and price is beginning to lean in that direction. The failure to print a new higher high while momentum indicators fade supports a bearish continuation scenario. Unless the range high is reclaimed with strength, the path of least resistance is lower.
EP: $27.80 – $28.10
TP1: $26.90
TP2: $25.80
TP3: $24.60
SL: $29.20
Trend strength on the lower time frame has shifted bearish with lower highs forming inside the range. Momentum is rolling over, confirming distribution rather than accumulation. Liquidity below $26.90 and $25.80 is likely to be targeted as sellers maintain control under resistance.