FxWirePro- Silver Daily Outlook

Silver climbed above $28.50 ahead of US CPI. It hit a high of $28.87 yesterday and is currently trading around $28.80.

According to new study published by IOP of the Chinese academy discovered that Silver have intrinsic and autonomous self-healing phenomenon at the nanoscale.  “Silver’s self-healing capabilities make it an ideal candidate for more demanding industrial applications,”

Gold-silver ratio-

Gold/Silver ratio-88.04. The gold-silver ratio showed a minor decline from  89.72 to 87.58 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 above 34, 55- EMA and  200 EMA in the 4 hour chart. The near-term support is around $28.40 and a break below the target of $27.69/$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 $28.75-78 with SL at around $29.40 and TP at $27.69.