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FxWirePro- Silver Daily Outlook

Ichimoku analysis (4- hour chart)

 

Tenken-Sen- $24.38

 

Kijun-Sen- $24.10

 

Silver trades in a narrow range between $24.63 and $24.24 for the past two days. Markets eye US CPI data for further movement.  It hit a high of $24.63 and is currently trading around $24.41.

 

Economic Indicator-

 

Mar 12th, 2024, US CPI  (12:30 pm GMT)

 

                         

Gold-silver ratio-

 

Gold/Silver ratio-  89.40. It shows that one ounce of gold is equivalent to 89.40 ounces of silver. It is good to buy silver at lower levels compared to gold.

 

Major trend reversal level -$24.65.

 

 

 It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $24 and a break below targets of $23.60/$23.10/$22.75/$22.30. On the higher side, immediate resistance is around $24.60, any breach above targets $25/$25.90.

 

It is good to buy on dips around $24.20 with SL around $23.60 for TP of $25.80.

 

 

 

 

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