FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $27.84

Kijun-Sen- $27.06

The Silver traded higher for a second consecutive day on board-based US dollar selling. It hit a high of $27.72 at the time of writing and is currently trading around $27.68.

Markets eye US PCE data for further direction. Any upbeat personal consumption expenditure will further reduce the chance of a rate cut by the Fed.

Gold-silver ratio-

Gold/Silver ratio- 84.92. The ratio declined from 91 to 81.60, well above the historical average of 52. So silver will outperform gold. It is good to buy silver at lower levels compared to gold.

Major trend reversal level -$30

It trades below 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $26.39 and a break below the target of $25.54/$25. On the higher side, immediate resistance is around $27.60, and any breach above targets is $28/$30.

It is good to sell on rallies around $ 27.95-28 with SL around $29 for TP of $25.