FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4- hour chart)

Tenken-Sen- $23.90

Kijun-Sen- $23.27

Silver pared some of its gains after hitting a multi-month high. The increased chance of a rate cut by the Fed in June is supporting precious metals at lower levels. It hit a high of $24.22 and is currently trading around $23.67.

Economic Indicator-

Mar 6th, 2024, Fed Powell testimony (3 pm GMT)

Gold-silver ratio-

Gold/Silver ratio-  89.83. It shows that one ounce of gold is equivalent to 90 ounces of silver. It is good to buy silver at lower levels compared to gold.

Markets eye Chinese economic development for further silver price action.  

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 $24.25, 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