FxWirePro -Silver Daily Outlook

Silver-

Ichimoku analysis (4- hour chart)

Tenken-Sen- $24.25

Kijun-Sen- $23.76

Silver recovered sharply and hit a fresh year high on board-based US dollar selling. Major central banks like the ECB and Fed hinted at an early ate cut this year due to easing inflation supporting the precious metal at lower levels. It hit a high of $24.50 and is currently trading around $24.498.

Economic Indicator-

Mar 8th, 2024, US NFP  (1:30 pm GMT)

Gold-silver ratio-

Gold/Silver ratio-  88.39. It shows that one ounce of gold is equivalent to 88.39 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 $24.25 with SL around $23.90 for TP of $25