Ichimoku analysis (Daily chart)
Tenken-Sen- $26.92
Kijun-Sen- $27.15
Silver was one of the worst performers the previous week and lost more than 9%. The overall trend is weak as long as resistance $30 holds. The surge in the US dollar index after hawkish US Fed policy is putting pressure on this pair. Any breach above 92.50 confirms further bullishness. The US 10- year yield has formed a minor top around 1.77% and lost more than 23%. XAGUS hits an intraday low of $25.76 and is currently trading around $25.85.
Technically, silver's significant support is around $25.35 9200- day EMA), violation below will drag the pair down to $25/$24.60/$24. Significant bearishness can be seen only if it breaks below $23.85.The near-term resistance is at $26, any surge past targets of $26.50/$27/$28/$28.75 (May month high) high). Major bullish continuation only if it breaks $30.
Indicator (Daily chart)
CAM indicator –Bullish
Directional movement index – Bullish
It is good to sell on rallies around $26.58-60 with SL around $27.30 for TP of $23.85.
