Conflicting signals on silver

On the daily chart of silver we can see that the price had sustained a bearish trend from the 18.63 level to the 16.00 zone. From the 16.00 zone, silver started retracing to the upside during the last couple of weeks and gets to the 17.00 level where it has stalled its correction. The MACD indicator is showing us that the bearish trend has changed to the upside, but on the other hand, the price of silver is bouncing from the 17.00 level to the downside. Therefore, we have conflicting signals on the daily chart of silver, because on top of that, the 55 day EMA (purple line) has crossed below the 200 day EMA (blue line), confirming a “death cross” signal which has bearish implication in the midterm. The MACD indicator may be signaling a change of trend to the upside, but in order to confirm a real bullish trend, the price of silver must break above the 200 day EMA or above the 17.50 level. A continuation of the bearish trend must be confirmed with a breakdown of the 16.00 level.