FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $28.99

Kijun-Sen- $29.15

Silver showed a minor pullback on rate cut speculation. It hit a high of $29.29 yesterday and is currently trading around $28.287.

US real GDP revised up to 1.4% at an annualized pace and a sharp slowdown from the previous quarter of 3.4%.

US durable goods orders - Strong (negative for Silver)

 US initial jobless claims - Strong (negative for silver)

Markets eye US PCE data for further direction.

Gold-silver ratio-

Gold/Silver ratio- 79.56. The gold-silver ratio decreased from 80.59 to 79.56  as silver outperformed compared to gold. The ratio is 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 above 21, below  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.