Ichimoku analysis (4- hour chart)
Tenken-Sen- $25.25
Kijun-Sen- $25.26
The silver gained more than $1 from yesterday's low on the weak US dollar. The US central bank kept its rates unchanged as expected. The Fed 'Dot Plot' showed that federal funds median forecast of 4.6% for the year ended 2024. It hit a high of $25.779 and is currently trading around $25.573.
Gold-silver ratio-
Gold/Silver ratio- 86.182. It shows that one ounce of gold is equivalent to 86.75 ounces of silver. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$26
It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $25.50 and a break below the targets of $25.20/$25/$24.70. On the higher side, immediate resistance is around $26, any breach above targets is $26.20/$27.
It is good to buy on dips around $25 with SL around $24.40 for TP of $26.20.
