Silver pared some of its gains ahead of US Fed monetary policy. It hit a high of $31.09 yesterday and is currently trading around $30.67.
The increase in the use of silver in solar and medical sectors supports prices at lower levels.
Markets eye US retail sales data for further direction.
Gold-silver ratio-
Gold/Silver ratio-83.27. The gold-silver ratio showed a minor decline from 89.72 to 83.27 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 -$32.50
It trades above 34, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $30.40, and a break below the target of $30/$29.20/$28.75/28/$27.69. On the higher side, immediate resistance is around $31.25 and any breach above targets is $31.75/ $32/$32.50.
It is good to buy on dips around $30.40 with SL at around $29.20 and TP at $32.50.
