FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.10

Kijun-Sen- $29.89

Silver lost its shine after the v A dismal US housing data. It hit a low of $29.34 yesterday and is currently trading around $29.61.

US housing starts - Bearish (negative for Silver)

US existing home sales- Bearish (negative for silver)

 The US 10-year yield lost more than 1.5% supporting silver at lower prices.

Gold-silver ratio-

Gold/Silver ratio- 77.80. The gold-silver increased from 76.77 to 7.9  as gold performed well compared to silver, well above the historical average of 52. So silver will outperform gold in the long run. It is good to buy silver at lower levels compared to gold.

Major trend reversal level -$28.80

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 $29 SL at around $28, and TP at $32.50.