Silver-
Ichimoku analysis (4-hour chart)
Tenken-Sen- $27.30
Kijun-Sen- $26.77
Silver is consolidating in a narrow range after a minor pullback. It hit a high of $27.51 yesterday and is currently trading around $27.24.
The US 10-year yield continues to trade weak on rate cut hopes. The central bank mentioned that there will not be a rate hike in June and is planning for a rate cut till inflation reaches 2%.
5 G Technology rollout-
Silver is used in semiconductors, automobiles, etc. 5G Conductive Silver Paste is a material used to produce 5G communication devices and components.
Gold-silver ratio-
Gold/Silver ratio- 85.15. The ratio decreased from 87.84 to 84.67, 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 200 EMA in the 4-hour chart. The near-term support is around $26.90 and a break below the target of $26.40/$26/$25. On the higher side, immediate resistance is around $27.20, and any breach above targets is $27.60/$28/$29.45/$30.
It is good to buy on dips around $26.45-0 with SL around $25.40 for TP of $28.
