FxWirePro-Silver Daily Outlook

Ichimoku analysis (4- hour chart)

Tenken-Sen- $23.90

Kijun-Sen- $23.27

Silver retested its level of $23.60 and bounced sharply from the level on the weak US dollar. Dovish comments from the Fed Chairman supporting precious metals at lower levels. It hit a high of $24.30 and is currently trading around $24.14. 

US private employment rose 14000 in Feb, compared to a forecast of 150000.

Economic Indicator-

Mar 7th, 2024, US initial jobless claims (1:30 pm GMT)

                            ECB main refinancing rate (1:15 pm GMT)

Gold-silver ratio- 

Gold/Silver ratio-  89.30. It shows that one ounce of gold is equivalent to 89.30 ounces of silver. It is good to buy silver at lower levels compared to gold. 

Major trend reversal level -$24.60.

 It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $23.60 and a break below targets of $23.10/$22.75/$22.30. On the higher side, immediate resistance is around $24.30, any breach above targets $24.60/$25.

It is good to buy on dips around $23.60 with SL around $23 for TP of $25