FxWirePro- Silver Daily Update

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $28.69

Kijun-Sen- $28.66

Silver pared most of its gains due to a surge in US treasury yields. It hit a low of  $27.58 yesterday and is currently trading around $28.26.

Iran -Israel  war - Strong (Positive  for silver)

US CPI-  Positive Weak (Positive for Silver)

Markets eye further development in the Iran-Israel war for further movement.

Gold-silver ratio-

Gold/Silver ratio-  83. The ratio declined from 91 to 81.60 well above the historical average of 52. So silver will outperform gold.  It is good to buy silver at lower levels compared to gold.

Major trend reversal level -$30

 It trades above 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $27.50 and a break below the targets of $27.20/$26.85/$26.25. On the higher side, immediate resistance is around $28.50, and any breach above targets is $29/$29.53/$30.

It is good to buy on dips around $28 SL around $27.60 for TP of $30.