FxWirePro: Silver Daily outlook
Ichimoku analysis (Daily chart)
Tenken-Sen- $27.33
Kijun-Sen- $27.39
Silver has taken support near the trend line and shown a recovery of more than $0.50. The surge in US 10-year yield and strong US dollar index is putting pressure on the silver at higher levels. 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 US ISM manufacturing index jumped to 60.8% in Feb compared to a forecast of 58.70. DXY is trading slightly below. Primary bullish continuation only above 91.60 levels.
Technically, silver's significant support is around $26.14, violation below will drag the pair down to $25.90/$25. The near-term resistance is at $27.35, any surge past targets $28/$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.
