Silver-
Ichimoku analysis (4-hour chart)
Tenken-Sen- $24.92
Kijun-Sen- $24.02
Candlestick pattern- Bearish Engulfing pattern
The silver lost its shine on the strong US dollar. It hit a low of $24.328 and is currently trading around $24.436.
Silver underperformed gold this year due to concerns about economic slowdown.
Gold-silver ratio-
Gold/Silver ratio- 88.37. It shows that one ounce of gold is equivalent to 89.225 ounces of silver. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$26
It trades below 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $24.20 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.
