Ichimoku analysis (4-hour chart)
Tenken-Sen- $29.59
Kijun-Sen- $28.91
Silver performed well on upbeat market sentiment. It hit a high of $29.85 yesterday and is currently trading around $29.66.
China’s industrial production surged to 6.7% in Apr from 4.5% in Mar, above the estimated 5.5%. Chinese retail sales slowed down to 2.3% in Apr, below the forecast of 3.7%.
Gold-silver ratio-
Gold/Silver ratio- 80.36. The ratio decreased from 87.84 from 80.11, 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 the target of $32.
It is good to buy on dips around $29.15-20 with SL around $28 for TP of $32.
