Silver showed a minor pullback after a massive sell-off. It hit a high of $28.43 at the time of writing and is currently trading around $
China’s Caixin services PMI slowed down to 51.60 in Aug compared to a forecast of 52.20.
Gold-silver ratio-
Gold/Silver ratio-88.04. The gold-silver ratio showed a minor jump from 83.69 to 89.26 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 -$30.25
It trades above 21, above the 55- EMA, and below 200 EMA in the hourly chart. The near-term support is around $27.70 and a break below the target of $27.15/$26.50. On the higher side, immediate resistance is around $28.85 and any breach above targets is $29.25$30.90/$31.75/ $32/$32.50.
It is good to buy on dips around $28.40-42 with SL around $27.70 for a TP at $29.60.
