Ichimoku analysis (4-hour chart)
Tenken-Sen- $29.58
Kijun-Sen- $28.77
Silver pared some of its gains after weak US flash PMI data. It hit a low of $28.78 yesterday and is currently trading around $
The weak US PMI data and economic slowdown in China put pressure on the industrial metal Silver. The ceasefire talks between Israel and Hamas have decreased demand for safe-haven assets like gold etc.
Markets eye Fed Chairman Powell's speech at the Jackson Hole symposium.
Gold-silver ratio-
Gold/Silver ratio-84.47. The gold-silver ratio showed a minor decline from 85.82 yesterday to 84.87 as gold outperformed silver. The ratio is well above the historical average of 52. So silver will outperform gold in the long run. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$30
It trades above 21, above the 55- EMA and 200 EMA in the 4-hour chart. The near-term support is around $28.60 and a break below the target of $28/$27.80/$27.34. On the higher side, immediate resistance is around $30 and any breach above targets is $30.90/$31.75/ $32/$32.50.
It is good to buy on dips around $29 with SL at around $28.48, and TP at $32.50.
