Silver has been bearish. The 4H chart shows a bearish market as price holds under the 200-, 100-. and 50-period simple moving averages (SMAs) and as the RSI holds below 60 for the most part. Silver (XAG/USD) 4H Chart 7/16 (click to enlarge) After a week of bullish correction that held below the previous consolidation highs at the end of June, silver started to retreat. We should note that last week's pullback actually cracked the previous July high. If price continues south after that bullish move, we can say that silver "cleared-out" the previous July high before continuing its prevailing downtrend. Now, during the 7/16 session, we might be seeing the noted "clear-out" action in a much smaller scale. There was a 4H candle during the US session which pulled from a new low on the week to break a near-term consolidation range that formed during the 7/15 session. The 1H chart shows this "clear-out" better. In fact if we just look at the 4H chart, we might even say that there was a bullish engulfing candle, which has bullish implications.Silver (XAG/USD) 1H Chart 7/16(click to enlarge) While I can understand the bullish implication of the couple of 1H candles during the 7/16 US session, I am still bearish on silver price action, even in the short-term. In the 1H chart, silver is still trading under the 200-, 100- ,and 50-hour SMAs. Furthermore price retreated quickly under 15.20, and looks like it respected a falling trendline from the start of the week. Finally, the 1H RSI is still under 60, which reflects maintenance of the bearish momentum. Now, if there is indeed further bullish correction, I would still limit that outlook to the 15.30 level. The medium-term trend is bearish and I think price is poised to fall to at least the 14.67 low on the month and year, with further downside risk towards 14.00.