Silver-
Ichimoku analysis (4-hour chart)
Tenken-Sen- $26.61
Kijun-Sen- $25.86
Silver pared some of its gains, after hitting a multi-month high. It hit a low of $26.28 yesterday and is currently trading around $26.792.
Markets eye US Non-farm payroll data for further movement.
Gold-silver ratio-
Gold/Silver ratio- 85.47. The ratio is well above the historical average of 52. So silver will outperform 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.
