Silver-
Ichimoku analysis (4- hour chart)
Tenken-Sen- $25.12
Kijun-Sen- $24.72
Silver pared some of its gains on the board-based US dollar buying. It hit a low of $24.94 and is currently trading around $24.94.
Markets eye US Fed, BOJ, and BOE monetary policy for further movement. Any hawkish rate pause by the Fed will put pressure on silver at higher levels.
The Newyork Empire state manufacturing index declines 19 points to -20.9, compared to a forecast of -7. University of Michigan consumer sentiment dropped to 76.5 in Mar vs. Estimate 76.9.
Gold-silver ratio-
Gold/Silver ratio- 85.90. It shows that one ounce of gold is equivalent to 85.90 ounces of silver. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$25.50
It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $24.70 and a break below the targets of $24.40/$24/$23.60. On the higher side, immediate resistance is around $25.50, any breach above targets is $26/$27.
It is good to buy on dips around $24.45-50 with SL around $24 for TP of $25.80.
