Silver-
Ichimoku analysis (daily chart)
Tenken-Sen- $24.92
Kijun-Sen- $24.02
Candlestick pattern- Bearish Engulfing pattern
The silver is trading flat with no direction, ahead of the US durable goods order. It hit a low of $24.50 and is currently trading around $24.64.
Silver underperformed gold this year as demand for industrial metals declined in major economies.
Gold-silver ratio-
Gold/Silver ratio- 88.37. It shows that one ounce of gold is equivalent to 88.37 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 $24.75, any breach above targets is $25/$25.70/ $26.20/$27.
It is good to sell on rallies around $25.15-20 SL around $25.75 for TP of $24.
