FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.915

Kijun-Sen- $30.48

Silver is trading weak despite the weak US dollar. It hit a high of $31.75 and is currently trading around $30.98.

China’s second-quarter GDP rose 4.7% YoY, below market expectations of a 5.1% growth. Chinese industrial production came above the market forecast of 5.3%. June retail sales missed estimates, rising 2% vs the forecast of 3.3%.(negative for industrial metal Silver).

Gold-silver ratio-

Gold/Silver ratio- 76.67. The gold-silver ratio showed a minor pullback from 75.98 to 78.67 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 below 21, above 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 a  SL at around $29.80, and TP at $32.50.