FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.515

Kijun-Sen- $31.28

Silver showed a minor pullback despite strong US economic data.It hit a low of $30.06 yesterday and is currently trading around $3.52.

US Flash Manufacturing PMI - Strong (negative for Silver)

New home sales - weak (positive for Silver)

Markets eye Fed member Waller's speech for further movement. Any hawkish commentary from Waller will push silver prices lower. The escalation of geopolitical tension in the Middle East supports  Silver at lower levels.

Major US economic data today (12:30 GMT)

Gold-silver ratio-

Gold/Silver ratio- 76.57. The ratio decreased from 91.67 to 74.88, 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 -$32.50

It trades below 21 and above 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $30 and a break below the target of $29.25/$28.48. On the higher side, immediate resistance is around $31, and any breach above targets is $31.60/$32/$32.50. Major bullish continuations only above $32.50. Any breach above the target $35.

It is good to buy on dips around $30 with SL around $29 for TP of $35.