FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.28

Kijun-Sen- $29.89

Silver gained sharply above $30 on rate cut hopes. It hit a high of $30.84 yesterday and is currently trading around $30.31.

 Recent data on US retail sales, Philly fed manufacturing, and building permits show a minor slowdown and the market expects a rate cut in Sep.

US economic data for the day

Flash manufacturing and services PMI  (1:45 pm GMT)

 The US 10-year yield lost more than 1.5% also supports silver at lower levels.

Political uncertainty in France and tension in the Middle East push the silver prices further higher.

Gold-silver ratio-

Gold/Silver ratio- 77.80. The gold-silver declined from 80.13 to 76.67  as silver performed well compared to gold, 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 $30 and a break below the target of $29.25/$29. On the higher side, immediate resistance is around $31 and any breach above targets is $31.50/$32/$32.50.

It is good to buy on dips around $30, SL at around $29, and TP at $32.50.