FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $27.99

Kijun-Sen- $27.60

Silver gained more than $1.5 on easing US bond yields. It hit a high of  $28.76 at the time of writing and is currently trading around $28.72.

The dismal US jobless claims have increased the chance of a rate cut in the coming months.

Major economic data for the day

Prelim University of Michigan consumer sentiment  (2 pm GMT)

Gold-silver ratio-

Gold/Silver ratio- 82.61. The ratio decreased from 87.84 from 82.57, 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 $28.20 and a break below the target of $27.60/$27/$26.40/$26/$25. On the higher side, immediate resistance is around $29, and any breach above targets is $30. Major bullish continuation only above $30.

It is good to buy on dips around $28.20-25 with SL around $27.60 for TP of $30.