FxWirePro- Silver Daily Outlook

Silver recovered more than $1 on an increase in demand. It hit a low of $30.88 and is currently trading around $32.12.

The strong US data and China stimulus will push the silver prices further higher.

Gold-silver ratio-

Gold/Silver ratio-83.36. The gold-silver ratio increased from  81 to 83.35 shows that gold outperformed Silver in 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 -$33

It trades above 34, 55- EMA, and  200 EMA in the 4-hour chart. The near-term support is around $31.50 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, and any breach above targets  $32.35/$32.75/$33.

It is good to sell on rallies around $31.78-80 with SL around $32.35 and TP at $30.40/$30.