Ichimoku analysis (Daily chart)
Tenken-Sen- $25.66
Kijun-Sen- $25.21
As per our analysis, Silver has taken support near 55- day EMA and shown a nice recovery. The minor sell-off in US bond yield is supporting the precious metal at a lower price. The US dollar index showed a minor jump after hitting a low of 91 levels. Any bullish trend can happen only if it breaks 91.70. The silver closed above $26 after a long consolidation. Silver was one of the worst performers in the past two months of this year and lost more than 20%. It hits an intraday high of $26.587 and is currently trading around $26.30.
Technically, silver's significant support is around $25.84 (100- day MA), violation below will drag the pair down to $25.60/$25.30/$25. Significant bearishness can be seen only if it breaks below $24.60.The near-term resistance is at $26.65 (Mar 18th high), any surge past targets of $27/$27.72 is possible.
Indicator (Daily chart)
CAM indicator –bullish
Directional movement index – Bullish
It is good to buy on dips around $26.15-20 with SL around $25.60 for TP of $27.70.
