Ichimoku analysis (4-hour chart)
Tenken-Sen- $24.67
Kijun-Sen- $25.09
Candlestick pattern- Bearish Engulfing pattern
The silver lost its shine after hitting a multi-month high at $25.70 on the strong US dollar. It hit a low of $24.40 and is currently trading around $24.70.
The commodity gained more than 15% in the past one and a half months, following the footsteps of Gold. It has underperformed gold due to the global economic slowdown limit upside.
Gold-silver ratio-
Gold/Silver ratio- 87.64. It shows that one ounce of gold is equivalent to 87.64 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 sell on rallies around $25.15-20 SL around $25.75 for TP of $24.
