Ichimoku analysis (4-hour chart)
Tenken-Sen- $26.61
Kijun-Sen- $25.86
Silver was one of the best performers this week and surged nearly 10%. It hit a high of $27.33 at the time of writing and is currently trading around $27.05.
The industrial metal gained after upbeat US economic data and speculation of an early rate cut.
Gold-silver ratio-
Gold/Silver ratio- 84.66. The ratio declined from 91 to 84.65 fresh year low. Silver outperformed gold It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$27.35
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 $27.35, and any breach above targets is $28.
It is good to buy on dips around $26.50 SL around $25.70 for TP of $28.
