FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $24.84

Kijun-Sen- $24.81

The silver showed a minor pullback after hitting a multi-week low. It hit a high of $25.29 and is currently trading around $25.116.

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 on rate cut hopes and escalation of Geopolitical tensions. Caixin/S&P China manufacturing PMI surged to 51.10 in March, the highest since Feb 2023. This is a positive sign for industrial metals like 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 $24.75 and a break below the targets of $24.20/$24/$23.60/$23.25. On the higher side, immediate resistance is around $25.30, any breach above targets is $25.70/ $26.20/$27.

It is good to sell on rallies around $25.15-20 SL around $25.75 for TP of $24.