Ichimoku analysis (4-hour chart)
Tenken-Sen- $28.43
Kijun-Sen- $28.69
Silver pared some of its gains after a minor pullback. It hit a low of $28.12 yesterday and is currently trading around $28.43.
Markets eye further developments in the Iran and Israel war for further movement. Israel’s finance minister said that retaliatory strikes should rock Tehran so everyone there will realize they shouldn’t mess with us.
Economic data to be released today-
Unemployment claims (12:30 pm GMT)
Philly Fed Manufacturing Index
Gold-silver ratio-
Gold/Silver ratio- 83.65. 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 $27.95 and a break below the target of $27.60/$27.20/$26.85/$26.25. On the higher side, immediate resistance is around $29, and any breach above targets is $29.25/$29.53/$30.
It is good to buy on dips around $27.65-70 SL around $26.80 for TP of $30.
