$Silver = Weekly Analysis = 28.08.2021 $SLV #preciousmetals #investing $XAGUSD #silver

This week silver made two bullish statements – strong bullish closures with bullish candles on the weekly and daily frames. Would it be enough to break the bearish trend on the monthly frame? Let’s have a look from different angles.


Silver has been under bearish pressure since a very strong Bearish Engulfing in September 2020. For a year, the metal was not able to close above that candle despite two tries.
In June, it made another strong bearish statement by forming a Dark Cloud Cover that was fully confirmed in July. The confirmation candle also closed below the 8 EMA line. The August’s candle is very bearish so far. If it closes below ~$23.40, it would form a Three Black Crows that were likely to define the downwards direction for multiple months, possibly years. A closure below ~$25.30 would be the second one below 8 EMA in a row and could be a beginning of a long downtrend.

The indicators are strongly negative and support the decline. A monthly 100/200 MA death cross was formed in May. The only previous such cross happened in 1989 and it was followed by 4! years of decline and a loss of ~30% of metal value.
This is the only occurrence and it would not be prudent to expect the same outcome based on a single statistics, however, we should keep this in mind.
The next two days would be crucial for forming the monthly candle.
Odds: Bearish

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