Ichimoku analysis (4-hour chart)
Tenken-Sen- $25.81
Kijun-Sen- $25.46
The silver surged more than $1.50 following in the footsteps of Gold. It hit a high of $26.55 at the time of writing and is currently trading around $26.27.
Silver jumped to more than 7% this month, compared to 2.90% in Gold. The escalation of Middle-East tension and hopes of an early rate cut support precious metals at lower levels.
Gold-silver ratio-
Gold/Silver ratio- 86.45. The ratio declined from 91 to 85 showing that silver will outperform gold in the next few months. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$27
The commodity broke significant resistance after one year of consolidation.
It trades above 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $25.90 and a break below the targets of $25.70/$25.18/$24.75. On the higher side, immediate resistance is around $26.55, any breach above targets is $26.95/$27.20.
It is good to buy on dips around $25.70 SL around $25.20 for TP of $27.
