FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.77

Kijun-Sen- $31.04

silver  declined sharply despite the weak US dollar.It hit a low of $29.60 at the time of writing and is currently trading around $29.66.

The weak US ISM manufacturing PMNI and soft US PCE data may limit losses in Silver. Markets eye US Non-Farm Payroll data this Friday for further direction.

The US treasury yield lost more than 5% in the past 5 days on rate cut hopes.

Gold-silver ratio-

Gold/Silver ratio- 78.46. The ratio rebounded from 73.11 to 78.59, 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 $29.30 and a break below the target of $28.63/$27.90. On the higher side, immediate resistance is around $30 and any breach above targets is $30.70/$31.30/$32/$32.50.

It is good to sell on rallies around $30-30.10 with SL around $31.20 for TP of $27.