Ichimoku analysis (Hourly chart)
Tenken-Sen- $27.22
Kijun-Sen- $26.75
As per our analysis, silver is trading higher and holding well above the short-term and long-term moving average. The sell-off in the US dollar is supporting precious metal at lower levels. DXY breaks significant support at 91, a dip till 90 is possible. Primary bearish continuation only below 90 levels. The intraday trend is bullish as long as support $27.20 holds.
Technically, silver's significant support is around $27.20, violation below will drag the pair down to $26.75/$26.30/$25.90. The near term resistance is at $28, any surge past targets $28.62/$29/$30 is possible.
It is good to buy on dips around $27.50-52 with SL around $27.20 for TP of $28/$28.62.
