FxWirePro: Silver Daily outlook
Ichimoku analysis (4-hour chart)
Tenken-Sen- $27.12
Kijun-Sen- $27.00
Silver took support near the trend line and halted its two days losing streak. The commodity raised more than $0.50 from a minor bottom of $26.71. The minor weakness in the US dollar due to progress in coronavirus vaccination and hopes of more fiscal stimulus. DXY is trading well below 91 levels. Primary bearish continuation only below 90 levels. The intraday trend is bullish as long as support $26.20 holds.
Technically, silver's significant support is around $26.70, violation below will drag the pair down to $26.20/$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 $26.75-80 with SL around $26.20 for TP of $28/$28.62.
