FxWirePro- Silver Daily Outlook

Silver-

Harmonic pattern- Bearish Cypher pattern

Potential reversal zone (PRZ)- $25.60.

Silver showed a minor pullback despite upbeat US PPI data. It hit a high of $25.20 and is currently trading around $25.08.

US CPI and PPI came above expectations, decreasing the chance of an early rate cut by the Fed in June.

Gold-silver ratio-

Gold/Silver ratio-  86.46. It shows that one ounce of gold is equivalent to 86.46 ounces of silver. It is good to buy silver at lower levels compared to gold.

 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 sell on rallies around $25.22-25 with SL around $25.65 for TP of $24.