Silver recovered more than $1 on an increase in demand. It hit a low of $30.88 and is currently trading around $32.12.
Market eyes US Nonfarm payroll data for further direction.
The festive demand in India also supports Silver at lower levels. The Navarathri one of the major festival in India starts on Oct 3rd and ends on Oct 12th.
Gold-silver ratio-
Gold/Silver ratio-82.09. The gold-silver ratio declined from 85.20 to 82.44 shows that gold outperformed Silver in the past few days. The ratio is well above the historical average of 52. It is good to buy silver compared to gold.
Major trend reversal level -$32.75
It trades above 34, 55- EMA and 200 EMA in the monthly chart. The near-term support is around $31.75 and a break below the target of $31.25/$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 $30.80-85 with SL at around $29 and TP at $35/$40.
