FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.48

Kijun-Sen- $31.27

Silver showed a minor pullback and holds above $30 despite the hawkish US Fed.It hit a high of $30.92 at the time of writing and is currently trading around $0.82.

US Durable goods orders- Strong (negative for Silver)

University of Michigan consumer sentiment improved in May to 69.10 vs. the forecast of 67.80.

Rising US treasury yields put pressure on precious metals at higher levels.

Markets eye US PCE inflation data which is to be released this Friday for further movement.

Gold-silver ratio-

Gold/Silver ratio- 76.09. 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 above 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.