FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.77

Kijun-Sen- $31.04

silver  declined sharply on easing geo political tension.It hit a low of $29.78 yesterday and is currently trading around $30.22.

The demand for safe- haven got decreased after Biden announced the Gaza ceasefire. Markets eye US Non-Farm Payroll , and major central banks such as ECB,BOC  monetary policy for further movement.

China's Caixin S&P Global Manufacturing Purchasing Managers' Index (PMI) surged to 51.70 in May compared to a forecast of 51.50.

Gold-silver ratio-

Gold/Silver ratio- 76.87. The ratio rebounded from 73.11 to 77.72, 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 $29.75 and a break below the target of $29.25/$28.48. On the higher side, immediate resistance is around $30.70 and any breach above targets is $31.30/    jh$32/$32.50.

It is good to buy on dips around $30 with SL around $29.25 for TP of $32.50.