$Silver = Weekly Analysis = 08.01.2022 $SLV #preciousmetals $XAGUSD #silver #ElliottWave

Silver closed the week with a strong bearish statement on the weekly frame. What are the chances for the next week and beyond? Let’s evaluate the metal from different angles.

This overview continues the series of Weekly Analyses that @InvestingAngles provides for the followers and subscribers.

This Weekly Overview contains:
– analysis of weekly and daily charts from the candles and TA perspectives;
– long term Elliott Waves Forecast.

CANDLES

Weekly
The weekly candle is bearish Engulfing that ended up below 100 WMA and 8 EMA lines. The RSI and PSAR are bearish, the selling volume is high.
The odds are bearish and silver is expected to move further down next week.

Daily
The daily candle is Thrusting Line that is typically viewed as a bearish continuation candle. The price is below 8 EMA and all 50/100/200 significant DMA. Two days ago 50 and 100 DMA made a bearish cross.
This environment is quite bearish and the metal has good chances to continue its move downwards.
Odds: Bearish
We also remember that the monthly and the quarterly odds are bearish.

ELLIOTT WAVES

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A $10 USD monthly subscription gets you access to the monthly and weekly analyses, mid and long term forecasts for cryptocurrencies, major US and some world indices, precious metals and miners, commodities, popular stocks and more. There is no free trial. For $10 USD you can evaluate the service for a month and discontinue the subscription at any time.
https://investingangles.com/subscription/

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