Ichimoku analysis (4-hour chart)
Tenken-Sen- $29.42
Kijun-Sen- $29.45
Silver lost its shine after a minor pullback above $30. It hit a low of $28.65 yesterday and is currently trading around $28.95.
US CPI - weak (positive for Silver)
US PPI - Negative (bullish for Silver)
US Fed - Hawkish rate pause- They hinted at one rate cut this year. (Negative for Silver).
Geopolitical tension in the Middle East and France supports Silver prices at lower levels.
Markets eye US UoM consumer sentiment for further movement.
Gold-silver ratio-
Gold/Silver ratio- 79.50. The silver took support near the 55-day EMA as the Gold/Silver ratio rebounded from 73.11 to 80.10, 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 $28.60 and a break below the target of $28.30/$27.90/$27. On the higher side, immediate resistance is around $29.50 and any breach above targets is $30/$30.70/$31.50/$32/$32.50.
It is good to sell on rallies around $29.45-50 with SL around $30 for TP at $27.90.


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