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Silver was one of the best performers previous month and surged nearly $4 on board-based US dollar weakness. It hit a high of $32.71 and is currently trading around $31.50.
The precious metal gained sharply after US Fed cut its rates aggressively by 50 bpbs. The easing of US inflation and weak US jobs market would push the Fed to further cut its rates shortly.
The increase in demand for solar panels and EVs all over the globe also supports price.
Gold-silver ratio-
Gold/Silver ratio-82.09. The gold-silver ratio declined after forming a double top around 89.55 and this confirms silver would outperform gold shortly. The ratio is well above the historical average of 52.
Major trend reversal level -$32.75
It trades above 34, 55- EMA, and 200 EMA in the monthly chart. The near-term support is around $31.25 (23.6% fib) and a break below the target of $30.79/$30.35 (21-day EMA)/$30/$29.60. On the higher side, immediate resistance is around $32.75 and any breach above targets is $35.
It is good to buy on dips around $29.80-85 with SL at around $27.60 and TP at $35/$40.
