Ichimoku analysis (4-hour chart)
Tenken-Sen- $29.35
Kijun-Sen- $29.45
Silver pared some of its gains on the strong US dollar. It hit a high of $29.45 yesterday and is currently trading around $29.22.0
US retail sales are expected to grow by 0.30% in May after 0.0% in Apr. Core retail sales to tick up 0.20% from 0.20% in Apr.
Geopolitical tension in the Middle East and France prevents further sell-off in Silver.
Gold-silver ratio-
Gold/Silver ratio- 79.50. The gold-silver rebounded from 73 to 79 as silver performed less than gold, well above the historical average 52. So silver will outperform gold. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$29
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, SL at around $30, and TP at $27.90.
