Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- Silver Daily Outlook

Ichimoku analysis (4- hour chart)

 

Tenken-Sen- $22.55

 

Kijun-Sen- $22.61

 

 

Silver jumped slightly after hitting a two-week low of $22.27. The pair is edging towards a bearish channel resistance of $22.70-72. Any breach above that channel will push the Silver price to $23/23.50.

 

Economic Indicator-

 

US PCE - below estimate (Positive for Silver)

 

Chicago PMI-  Weak (negative for Silver)

 

Gold-silver ratio-

 

Gold/Silver ratio- 90. It indicates silver is at the oversold level and outperforms compared to gold. It is good to buy silver vs gold.

 

Major trend reversal level -$23.60.

 

Any strong violation above $23.60 confirms a bullish continuation.  A jump to $24.20/$24.60 is possible.

 

 It trades below 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $22.25 and a break below $22.20 targets $21.90/$21.40/$20.68.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.