FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.915

Kijun-Sen- $30.48

Silver halted its two days of bearish trend. It hit a low of $30.43 and is currently trading around $30.98.

Market eyes US CPI data for further movement. Any weakness in US inflation will push silver prices higher.

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- 76.18. 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 $30.30 and a break below the target of $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.