Silver-
Ichimoku analysis (4-hour chart)
Tenken-Sen- $24.84
Kijun-Sen- $24.81
The silver showed a minor sell-off after the upbeat US ISM. It hit a high of $25.67 a the time of writing and is currently trading around $25.62.
Silver recovered once again as strong economic data increased demand for industrial metal.
Gold-silver ratio-
Gold/Silver ratio- 88.21. It shows that one ounce of gold is equivalent to 89.78 ounces of silver. The probability of a 25 bpbs rate cut in June increased to 62.1% from 56.80%. This is a positive sign for precious metals. 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 $25.40 and a break below the targets of $25.20/$24.75. On the higher side, immediate resistance is around $26, any breach above targets is $26.95.
It is good to buy on dips around $25.40-45 SL around $25.75 for TP of $27.
