FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $29.18

Kijun-Sen- $29.78

Silver formed almost a double bottom around $2.65-$28.70 and showed a minor pullback. It hit a low of $2.709 yesterday and is currently trading around $28.99.

Fed Reserve Governor Michelle Bowman said that the Fed may need to hike rates if inflation remains elevated.  "I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall."

The US dollar Index gained momentum despite weak US Richmond and CB Consumer confidence. The conflicts in the Middle East and the escalation of Russia and Ukraine tensions support Silver at lower levels.

Gold-silver ratio-

Gold/Silver ratio- 79.88. The gold-silver increased from 76.77 to 80.46  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 -$28.65

It trades below 21 and 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $28.65 and a break below the target of $27.94/$26. On the higher side, immediate resistance is around $29.50 and any breach above targets is $30/$31/$31.50/$32/$32.50.

It is good to buy on dips around $29, SL at around $28.65, and TP at $30.