Ichimoku analysis (4- hour chart)
Tenken-Sen- $24.38
Kijun-Sen- $24.10
Silver trades in a narrow range between $24.63 and $24.24 for the past two days. Markets eye US CPI data for further movement. It hit a high of $24.63 and is currently trading around $24.41.
Economic Indicator-
Mar 12th, 2024, US CPI (12:30 pm GMT)
Gold-silver ratio-
Gold/Silver ratio- 89.40. It shows that one ounce of gold is equivalent to 89.40 ounces of silver. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$24.65.
It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $24 and a break below targets of $23.60/$23.10/$22.75/$22.30. On the higher side, immediate resistance is around $24.60, any breach above targets $25/$25.90.
It is good to buy on dips around $24.20 with SL around $23.60 for TP of $25.80.
