FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.99

Kijun-Sen- $30.30

Silver was one of the best performers this month and surged more than 20%.   It hit a high of $32.5 at the time of writing and is currently trading around $31.94.

The surge in industrial metals like copper, and zinc supported the silver prices at lower levels. The record-high gold prices due to geopolitical tensions and rate cut hopes have pushed Silver prices further higher.

Gold-silver ratio-

Gold/Silver ratio- 76. The ratio decreased from 87.84 from 75.34, 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 above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $30.95 and a break below the target of $30.30/$30/$29.27. On the higher side, immediate resistance is around $32.50, and any breach above targets is $33.10/$34/$35. Major bullish continuations only above $35. Any breach above the target $37.50.

It is good to buy on dips around $30 with SL around $29 for TP of $35.