Silver-
Ichimoku analysis (4- hour chart)
Tenken-Sen- $25.09
Kijun-Sen- $25.09
The silver pared most of its gains on the strong US dollar. The initial jobless claims US Flash manufacturing PMI came in better than expected. The US existing home sales skyrocketed, to a seasonally adjusted annual rate of 4.38 million compared to a forecast of 3.94 million. It hit a low of $24.40 and is currently trading around $24.612.
Gold-silver ratio-
Gold/Silver ratio- 88.12. It shows that one ounce of gold is equivalent to 88.12 ounces of silver. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$26
It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $24.40 and a break below the targets of $24/$23.60/$23.25. On the higher side, immediate resistance is around $, any breach above targets is $26.20/$27.
It is good to buy on dips around $24 with SL around $23.45 for TP of $26.
