FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $31.05

Kijun-Sen- $31.12

Silver showed a minor pullback on the weak US dollar. It hit a high of $31.89  at the time of writing and is currently trading around $31.47.

Declining  US treasury yields support silver at lower levels.

Major economic data for the day

US CB consumer confidence (2 pm GMT)

S&P/CS composite-20 HPI y/y (1 pm GMT)

Gold-silver ratio-

Gold/Silver ratio- 74.50. The ratio decreased from 91.67 to 73.89, 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 $30.75-80 with SL around $30 for TP of $35.