Ichimoku analysis (4-hour chart)
Tenken-Sen- $28.82
Kijun-Sen- $29.71
Silver traded weak for the fourth consecutive day on the strong US dollar. It hit a low of $28.57 yesterday and is currently trading around $28.74.
“With significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restrictions to maintain a healthy balance in the economy,” according to the Fed Official Cook.
Markets eye the US Final GDP and Durable goods orders for further movement.
Gold-silver ratio-
Gold/Silver ratio- 80.03. The gold-silver increased from 76.77 to 80.28 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 -$28.55
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 $28.60-65 with SL at around $28, and TP at $30.
