Ichimoku analysis (4-hour chart)
Tenken-Sen- $26.05
Kijun-Sen- $25.92
Silver is consolidating in a narrow range after hitting a high of $26.45. The commodity was one of the worst performers in the past 1-1/2 months and lost more than 12% on surging US bond yield. US 10-year bond yield soared more than 300% from a temporary bottom of 0.36% in past one year. Short term trend is still bearish as long as resistance $27 holds. US Empire state manufacturing index jumped to 17.4 in Mar, hits the highest level in 8 months compared to a forecast of 12.1. Markets eye US retail sales data for further direction.DXY is trading below 92 levels. Primary bullish continuation only above 92.50 levels.
Technically, silver's significant support is around $25.90, violation below will drag the pair down to $25.36/$25/$24. The near-term resistance is at $26.45, any surge past targets $27/$27.35/$28/$28.30 is possible.
It is good to sell on rallies around $26.45-50 with SL around $27 for TP of $24.
