Ichimoku analysis (Daily chart)
Tenken-Sen- $27.17
Kijun-Sen- $27.06
Silver is trading weak after a minor jump to $27.95. Short term trend is still bearish as long as resistance $28 holds. The silver was one of the best performers in the previous month and hits a fresh year at $30.08. The supply shortage and weakness in the US dollar were supporting prices at a lower level. The sliver slightly outperforming Gold as the Gold/silver ratio hits a 6-year low. DXY is trading well below 91 levels. Primary bearish continuation only below 90 levels.
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 sell on rallies around $27.25-30 with SL around $28 for TP of $25.90.
