FxWirePro- Silver daily Outlook

Silver-

Ichimoku analysis (4- hour chart)

Tenken-Sen- $23.49

Kijun-Sen- $23.11

Silver breaks significant resistance at $23.60 after a long consolidation.  The chance of a rate cut in June by the Fed has pushed prices of precious metals higher. It hit a high of $23.97 and is currently trading around $23.95.

Economic Indicator-

Mar 5th, 2024,US ISM services PMI (3 pm GMT)

Gold-silver ratio-

Gold/Silver ratio-  88.65. It indicates silver is at the oversold level and expected to outperform Gold. It is good to buy silver at lower levels compared to gold.

Major trend reversal level -$24.60.

It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $23.60 and a break below targets of $23.10/$22.75/$22.30. On the higher side, immediate resistance is around $24.20, any breach above targets $24.60/$25.

It is good to buy on dips around $23.50 with SL around $23 for TP of $25