Silver pared some of its gains on the strong US dollar. It hit a low of $31.39 at the time of writing and is currently trading around $31.55.
The upbeat JOLTS job openings and ADP employment shows minor job market improvement pushes US dollar higher.
The escalation of war between Iran and Israel supports the precious metal at lower levels.
Gold-silver ratio-
Gold/Silver ratio-83.88. The gold-silver ratio declined from 85.20 to 83.88 showing gold outperformed Silver. The ratio is well above the historical average of 52. It is good to buy Silver at lower levels.
Major trend reversal level -$32.75
It trades above 34, 55- EMA, and 200 EMA in the daily chart. The near-term support is around $31.25 (23.6% fib) and a break below the target of $30.79/$30.35 (21-day EMA)/$30/$29.60. 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 $29.80-85 with SL at around $27.60 and TP at $35/$40.
