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FxWirePro: Silver Daily outlook

FxWirePro: Silver Daily outlook 

Ichimoku analysis (Daily chart)

Tenken-Sen- $27.33

Kijun-Sen- $27.39

Silver has taken support near the trend line and shown a recovery of more than $0.50. The surge in US 10-year yield and strong US dollar index is putting pressure on the silver at higher levels. Short term trend is still bearish as long as resistance $28 holds. The silver was one of the best performers in the previous month and hits a fresh year at $30.08. The US ISM manufacturing index jumped to 60.8% in Feb compared to a forecast of 58.70. DXY is trading slightly below. Primary bullish continuation only above 91.60 levels. 

Technically, silver's significant support is around $26.14, violation below will drag the pair down to $25.90/$25. The near-term resistance is at $27.35, any surge past targets $28/$28.62/$29/$30 is possible.

It is good to sell on rallies around $27.25-30 with SL around $28 for TP of $25.90.


 

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