Silver technicals suggest pullback momentum building

The hourly chart is showing classic short-term reversal setup on XAGUSD. Signs point toward range support retesting—approximately 72 level looks like the next logical target as buyers may step in.

What caught attention: significant put positioning emerged on SLV options earlier—the 1/16 expiration 63 strike saw notable volume. This kind of put flow typically signals hedging activity or directional bets on downside moves, which aligns with the technical picture. The combination of weakening hourly structure and concentrated option interest suggests traders are bracing for lower prices before any fresh rally attempt.