Recent sideways move seemed to be the accumulation phase but last week price broke the consolidation range on the downside, suggesting that the prior downside is not over, and neither is the downfall in silver. Price is now likely to test the lower band of the falling channel C-C1, which is also bisecting the long term support line near 38800 levels.
The 14-period RSI is trading in an oversold terrain for quite a while, and pullback towards the resistance line is possible in the current week. Any pullback towards the resistance line should be taken as an opportunity to sell.
It is advisable to short on the commodity on rise for the target of 38800 in the short term.