FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.915

Kijun-Sen- $30.48

Silver consolidated in a narrow range between $31.49 and $30.43. It hit a high of $31.15 and is currently trading around $30.92.

It showed a minor jump as the Fed Chairman provided no hawkish comments. 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- 76.67. 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, SL at around $29.80, and TP at $32.50.