FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.82

Kijun-Sen- $30.34

Silver trades above $31 on weak US NFP data. It hit a high of  $31.49 and is currently trading around $31.01.

The recent US nonfarm payroll data fortified the chance of a rate cut by the Fed in September. Markets eye US Fed chairman Powell's speech and US CPI this week for further direction.

The political uncertainty in France and the escalation of geopolitical tension in the Middle East support precious metals at lower levels.

Gold-silver ratio-

Gold/Silver ratio- 76.78. The gold-silver ratio showed a minor decline from 80.59 to 75.98 as silver outperformed 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 -$32.50

It trades above 21, 55- EMA and 200 EMA in the 4-hour chart. The near-term support is around $30.80 and a break below the target of 30.30/$29.80/$29. On the higher side, immediate resistance is around $31.50 and any breach above targets is $32/$32.50.

It is good to buy on dips around $30.60 with SL at around $29.80, and TP at $32.50.