FxWirePro- Silver Daily Outlook

Silver pared some of its gains after hitting a fresh yearly high. It hit a high of $32.71 and is currently trading around $32.239.

US final GDP q/q grows at a 3% annualized pace in the second quarter above the forecast of 2.9%.

The number of people who have filed for unemployment benefits declined to 218K vs 225K est.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Nov increased to 60% from 38.80% a week ago.

Gold-silver ratio-

Gold/Silver ratio-82.09. The gold-silver ratio declined from 86.10 to 82.09 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 -$32.75

It trades above 34, 55- EMA, and  200 EMA in the 4-hour chart. The near-term support is around $31.70 and a break below the target of  $31.25/$30.79/$30.40. On the higher side, immediate resistance is around $32.75 and any breach above targets is $35.

It is good to buy on dips around $31.70-74 with SL at around $31.20 and TP at $35.