FxWirePro: Silver Daily outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $25.16

Kijun-Sen- $25.64

Silver continues to trade lower for the past three days after a long consolidation. The strength in the US dollar index and surge in US bond yield is putting pressure on the silver prices. US dollar index is holding above 92.50 level, any close above 92.68 (200- day EMA) confirms bullish continuation.  Silver is one the worst performer in past one week and lost more than 6% from minor top $26.63. The gold/silver ratio is trading above $68 (55- day EMA) and this confirms the uptrend. If the Gold/silver ratio jumps to 90 levels, silver will be under pressure.

Technically, silver's significant support is around $24.80 (Mar 5th low), violation below will drag the pair down to $24.05-24.15. Significant bearishness can be seen only if it breaks below $24.The near-term resistance is at $25.55 (support turned into resistance), any surge past targets $26/$26.65/$27 is possible.

It is good to sell on rallies around $25.55-60 with SL around $26 for TP of $24.