Ichimoku analysis (4- hour chart)
Tenken-Sen- $24.94
Kijun-Sen- $25.09
The silver trading flat ahead of the US Fed monetary policy. Markets anticipate a hawkish rate pause and await the Fed dot plot for further movement. It hit a low of $24.73 and is currently trading around $24.97.
Gold-silver ratio-
Gold/Silver ratio- 86.75. It shows that one ounce of gold is equivalent to 86.75 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.
