Ichimoku analysis (1-Hour chart)
Tenken-Sen- $27.68
Kijun-Sen- $27.57
Silver has recovered more than 0.80 cents from the low of $27.03 due to weak US jobs data. US economy has added 559000 jobs in May much less forecast of 645K. The unemployment rate declined to 5.8% from the previous month to 6.1%. The US dollar is holding below 90 levels, a dip till 89.20. The US 10- year yield lost more than 5% to 1.55%. XAGUS hits an intraday high of $27.91 and is currently trading around $27.87.
Technically, silver's significant support is around $27, violation below will drag the pair down to $26.60/$26. Significant bearishness can be seen only if it breaks below $24.90.The near-term resistance is at $28, any surge past targets of $28.25/$28.75 (the previous week high). Major bullish continuation only if it breaks $30.
Indicator (4-hour chart)
CAM indicator –Bullish
Directional movement index – Bullish
It is good to buy on dips around $27.45-50 with SL around $27 for TP of $29.
