Ichimoku analysis (4-hour chart)
Tenken-Sen- $31.20
Kijun-Sen- $31.09
Silver showed a minor sell-off despite easing inflation. It hit a high of $31.75 and is currently trading around $30.75.
US CPI and core CPI both came in below market expectations. This has increased the chance of a rate cut by the Fed in Sep.
Major US economic data-
US PPI m/m (12:30 pm GMT)
Prelim UoM consumer sentiment (2 pm GMT)
Gold-silver ratio-
Gold/Silver ratio- 76.67. The gold-silver ratio showed a minor pullback as gold outperformed silver. 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 and any breach above targets is $31.75/ $32/$32.50.
It is good to buy on dips around $30.60 with SL at around $29.80, and TP at $32.50.


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