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Silver trades weak on global economic growth concerns. It hit a low of $30.76 at the time of writing and is currently trading around $31.16.
Shanghai silver premium
It refers to the price difference between silver traded on the Shanghai market and international markets, particularly those in London and New York. The premium has surged dramatically over the past year, rising to 13.7% from 2% as of October 2024.
Major US economic data to watch - Empire State Manufacturing index
Gold-silver ratio-
Gold/Silver ratio-85.14. The gold-silver ratio increased from 81 to 86.48 showing that gold outperformed Silver in the past few days. A ratio above 80 often suggests that silver may be a more attractive investment compared to gold.
Major trend reversal level -$33
It trades below 34, 55- EMA and above 200 and 365 Hull EMA in the 4-hour chart. The near-term support is around $30 and a break below the target of $29.60/$28.93/$28. On the higher side, immediate resistance is around $30.80 and any breach above targets $31.25/$31.75/$32.35/$32.75/$33.
It is good to buy on dips around $30.40-45 with SL around $29.70 for a TP of $33.
