FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $27.23
 

Kijun-Sen- $27.80

The Silver showed a minor recovery after upbeat US economic data. It hit a high of $27.48 yesterday and is currently trading around $27.39.

The US 10-year yield gained momentum after strong US durable goods orders. US Durable Goods orders rose 2.6% in Mar, compared to a forecast of 2.5%. Core Durable goods orders, excluding transportation, new orders increased by 0.20%.

Markets eye US advance GDP data to be released for further direction.

Gold-silver ratio-

Gold/Silver ratio-  84.90. 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 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 $27.60, and any breach above targets is $28/$30.

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