FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $27.78

Kijun-Sen- $27.85

Silver was one of the worst performers this week and lost more than $2 due to profit booking. It hit a low of $26.94 at the time of writing and is currently trading around $26.90.

The easing geo-political tension between Israel and Iran has dragged precious metal prices lower. The US treasury yield surged more than 10% this month as the chance of an early rate cut in June diminished.

Gold-silver ratio-

Gold/Silver ratio-  85.736. 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 below 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $26.39 and a break below the target of $25.54/$25. On the higher side, immediate resistance is around $27.25, and any breach above targets is $27.6/$28.

It is good to sell on rallies around $ 27.28-30 with SL around $28 for TP of $25.