Silver-
Ichimoku analysis (4-hour chart)
Tenken-Sen- $28.48
Kijun-Sen- $28.69
Silver is trading in a narrow range between $29.02 and $27.98 for the past three days. It hit a high of $28.46 at the time of writing and is currently trading around $28.45.
Hawkish comments from the Fed chairman have abandoned bets on the June rate cut. Markets eye further developments in the Iran and Israel war for further movement.
Gold-silver ratio-
Gold/Silver ratio- 83.90. The ratio declined from 91 to 81.60, 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 -$30
It trades above 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $28.49 and a break below the targets of $28/$27.60/$27.20/$26.85/$26.25. On the higher side, immediate resistance is around $29.25, and any breach above targets is $29.53/$30.
It is good to buy on dips around $27.65-70 SL around $26.80 for TP of $30.
