FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4- hour chart)

Tenken-Sen- $24.61

Kijun-Sen- $24.58

Silver surged more than $1 and hit YTD high due to increasing demand. It hit a high of $25.15 and is currently trading around $24.98.

US PPI is expected to have declined on both a monthly and yearly basis. This will increase the chance of a rate cut by the Fed in June.                     

Gold-silver ratio-

Gold/Silver ratio-  86.76. It shows that one ounce of gold is equivalent to 86.76 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 $24.50 and a break below targets of $24/$23.60/$23.10/$22.75/$22.30. On the higher side, immediate resistance is around $25.20, any breach above targets is $25.60/$26.

It is good to buy on dips around $24.45-50 with SL around $24 for TP of $25.80.