FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $26.78

Kijun-Sen- $26.98

Silver was trading flat ahead of the Fed monetary policy. It hit a low of $26.24 yesterday and is currently trading around $26.39.

Any hawkish rate pause by the Fed will drag silver prices lower. Markets eye the Fed dot plot for further movement.

 Gold-silver ratio-

Gold/Silver ratio- 86.57. The ratio increased from 81.60 to 87.06, 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 $27.75, and any breach above targets is $28/$29.45/$30.

It is good to sell on rallies around $ 27.18-20 with SL around $28 for TP of $25.