Ichimoku analysis (4-hour chart)
Tenken-Sen- $28.41
Kijun-Sen- $28.02
Silver showed a nice pullback on board-based US dollar selling. It hit a high of $28.74 yesterday and is currently trading around $28.67.
Markets eye the US Consumer Price Index (CPI), and US retail sales for further movement. Any upbeat US inflation will decrease the chance of a rate cut by the Fed in June.
Gold-silver ratio-
Gold/Silver ratio- 82.49. The ratio decreased from 87.84 from 82.32, 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 $28.40 and a break below the target of $27.90/$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 continuations only above $30.
It is good to sell on rallies around $28.85-90 with SL around $30 for TP of $26.
