FxWirePro: Silver Daily outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $24.66

Kijun-Sen- $24.34

Silver recovered sharply from a low of $23.78 despite strength in the US dollar. The commodity was one of the worst performers in the past two months and lost more than 20% due to a surge in US bond yield. The US 10- year bond yield surged more than 95% this year on upbeat US economic data and positive vaccine rollout in the US. DXY has halted its 1-1/2 month of the bullish trend and any dip below 92.80 confirms intraday bearishness. Silver hits an intraday high of $25.08 and is currently trading around $24.854.

Technically, silver's significant support is around $24.80 (Mar 5th low) and any violation below will drag the pair down to $24.40/$24/$23.80/$23.20. Significant bearishness can be seen only if it breaks below $23.20.The near-term resistance is at $25.50, any surge past targets $26/$26.65/$27 is possible.

It is good to buy on dips around $24.78-80 with SL around $23.75 for TP of $27.