FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $29.45

Kijun-Sen- $30.29

The Silver continued its bearish trend on strong US dollar.It hit a low of $29.03 yesterday and is currently trading around $29.46.

Markets eye US CPI and Fed monetary policcy for further direction. Any hawkish rate pause will drag the Silver prices lower. The political uncertainity in France and geopolitical risks in the Middle East would limit further losses.

Gold-silver ratio-

Gold/Silver ratio- 78.90. The silver showed a minjor pullback as Gold/Silver ratio rebounded from 73.11 to 79.14, 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 $29 and a break below the target of $28.50/$27.90. On the higher side, immediate resistance is around $30 and any breach above targets is $30.70/$31.50/$32/$32.50.

It is good to sell on rallies around $29.45-50 with SL around $30 for TP  $27.90.