FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $24.52

Kijun-Sen- $24.63

Candlestick pattern- Bearish Engulfing pattern

The silver is trading weak for five consecutive days and declined more than $1.50. It hit a low of $24.328 and is currently trading around $24.45.

Silver is unable to hold above $26 even as gold hits an all-time high.

Gold-silver ratio-

Gold/Silver ratio-  89.78. It shows that one ounce of gold is equivalent to 89.78 ounces of silver. Gold shines as the market expects three rate cuts by the Fed this year. Recent US inflation shows that inflation is expected to remain elevated for some more time.  Any hawkish commentary by the Fed will drag yellow metal further lower. 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.