FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $29.14

Kijun-Sen- $28.91

Silver surged sharply on an easing US treasury yield. It hit a high of $29.85 yesterday and is currently trading around $29.56.

US Consumer Price Index (CPI) came below estimate and it increased the chance of rate cut by the Fed in  September.

US retail sales- Weak (Positive for Silver)

Empire state Manufacturing Index - Weak (Positive for Silver)

Gold-silver ratio-

Gold/Silver ratio- 80.72. The ratio decreased from 87.84 from 80.31, 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 $29.20 and a break below the target of $28.80/$28.39/$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. Any breach above target $32.

It is good to buy on dips around $29.15-20 with SL around $28 for TP of $32.