FxWirePro- Silver Daily Outlook

Silver trades higher on declining US yield. It hit a low of $31.8950 at the time of writing and is currently trading around $31.867.

US treasury yield-

The recent drop in U.S. Treasury yields, along with a higher probability of additional rate cuts by the Federal Reserve, is helping to sustain silver prices at lower levels.

Markets eyes US Retail sales and jobless claims data for further movement.

Gold-silver ratio-

Gold/Silver ratio-84.78. The gold-silver ratio decreased from  83.45 to 85.23 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 above 34, 55- EMA and above 200 and 365 Hull EMA in the 4-hour chart. The near-term support is around $31.25 and a break below the target of  $30.80/$30.40/$30/$29.60/$28.93/$28. On the higher side, immediate resistance is around $32 and any breach above targets $32.35/$32.75/$33.

It is good to buy on dips around $31.25 with SL around $30.60 for a TP of $33.