Silver climbed above $28 on falling US treasury yield. It hit a high of $28.42 yesterday and is currently trading around $28.46.
China's trade surplus widened in Aug as exports rose 8.4% YoY compared to previous month's 6.5%.
Gold-silver ratio-
Gold/Silver ratio-88.04. The gold-silver ratio showed a minor decline from 89.72 to 88.26 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 -$30.25
It trades below 21, 55- EMA and 200 EMA in the 4-hour 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 sell on rallies around $28.48-50 with SL at around $29.20 and TP at $32.50.
