Silver consolidated in a narrow range between $31.43 and $30.35 in the past two days. It hit a high of $31.42 and is currently trading around $30.87.
Silver Import Duty-
Silver’s import duty in India declined from 15% to 6% and the potential for further rate cut supports price at lower levels.
Markets eye US CB consumer confidence and Richmond manufacturing PMI for further direction.
Gold-silver ratio-
Gold/Silver ratio-85.15. The gold-silver ratio showed a minor jump from 82.90 to 86.10 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 above 34, 55- EMA and 200 EMA in the 4-hour chart. The near-term support is around $30 and a break below the target of $29.60/$29.60/$28.75/28/$27.69. On the higher side, immediate resistance is around $30.80 and any breach above targets is $31.50/$31.75/ $32/$32.50.
It is good to buy on dips around $30 70-75 with SL at around $30.35 and TP at $32.50.
