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
