FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $28.02

Kijun-Sen- $27.40

Silver showed a minor sell-off as a surge in US inflation decreased the chance of an early rate cut by the Fed. It hit a low of  $27.53 yesterday and is currently trading around $27.92.

The increase in demand for industrial metals in sectors such as solar energy, and healthcare sectors. The escalation of geo-political tension in the Middle East and  Russia also supports precious metals at lower levels.

Gold-silver ratio-

Gold/Silver ratio-  83.55. The ratio declined from 91 to 82.74 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 -$28.35

 It trades above 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $27.60 and a break below the targets of $27.20/$26.85/$26.25. On the higher side, immediate resistance is around $28.35, and any breach above targets is $29/$30.

It is good to buy on dips around $27.50 SL around $27 for TP of $29.