Ichimoku analysis (Daily chart)
Tenken-Sen- $22.28
Kijun-Sen- $23.14
Silver continues to trade weak for the past two consecutive days on a strong US dollar. The commodity was one of the worst performers this month and lost more than 14%. The bullish trend in the US 10-year yields also putting pressure on the silver at higher levels. It hits a low of $21.42 and is currently trading around $21.618.
Markets eye US GDP and initial jobless claims for further direction.
Technically, silver is trading slightly below $21.66 (Sep 20th, 2020 low), this confirms major bearishness. A dip to $20.89 is possible. The near-term resistance is at $21.95, any surge past targets of $22.85/$23.14. Significant bullish continuation only if it breaks $23.50.
Indicator (Daily chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around $21.90-95 with SL around $22.50 for TP of $20.89.
