FxWirePro: Silver Daily outlook
Ichimoku analysis (Daily chart)
Silver jumped sharply more than $1.25 from yesterday's low of $26.10. The minor sell-off in US dollar and US bond yields are supporting the precious metal. The number of people who have filed for jobless benefits has fallen to 498000 last week compared to the forecast of 540K. The US 10-year bond yield lost more than 2% from an intraday high of 1.58%. The US dollar index is trading below 91 levels. Any violation below 90.40 confirms trend continuation. Silver was one of the best performers in the past month and surged more than 13%. It hits an intraday high of $27.45 and is currently trading around $27.42.
Technically, silver's significant support is around $27, violation below will drag the pair down to $26.59/$26/$25.60 Significant bearishness can be seen only if it breaks below $24.60.The near-term resistance is at $275.0, any surge past targets of $28/$28.35 is possible.
Indicator (Daily chart)
CAM indicator –Bullish
Directional movement index – Bullish
It is good to buy on dips around $27 with SL around $26.59 for TP of $28.