Ichimoku analysis (Daily chart)
Tenken-Sen- $22.86
Kijun-Sen- $23.32
Silver trades higher for a second consecutive week and jumped more than $1.50 on geopolitical tension. XAG/USD declined below $23 as markets predict faster rate hike post upbeat US CPI data. US Jan CPI came at 7.5% YoY vs .forecast of 7.3%, the highest level since Feb 1982. The demand for safe-haven assets due to tension between Russia and Ukraine supports prices at lower levels. It hits a low of $23.78 and is currently trading around $23.709.
Technically, silver is trading slightly above 21, 55- day EMA, this confirms bullishness. Any breach above $23.815 and $24.38 (200- day EMA and 200-day MA) will take to the next level of $24.70/$25.38. The near-term support is around $23.34, any violation below targets $22.85/$22.
Indicator (Daily chart)
CCI (50) –Bullish
Directional movement index – Neutral
It is good to buy on dips around $23.45-50 with SL around $22.85 for TP of $25.
