FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $30.33

Kijun-Sen- $30.33

The Silver lost its shine and trades below $30 on strong US  dollar.It hit a low of $29.11 yesterday and is currently trading around $29.46.

The People Bank of  China has halted its 18 month of gold buying previous month. The data shows that its bullion holdings renainsg unchanged at the end of May. The prices dropped sharply after China halts 18- month massive  buying from Nov 2022.

The escalation tension in Middle East also supports Silver at lower levels.

Gold-silver ratio-

Gold/Silver ratio- 77.95. The ratio rebounded from 79.13 to 77.57, 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 -$32.50

It trades above 21 and above 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $29.30 and a break below the target of $28.63/$27.90. On the higher side, immediate resistance is around $30 and any breach above targets is $30.70/$31.50/$32/$32.50.

It is good to sell on rallies around $29.95-$30 with SL around $31 for TP  $27.90.