FxWirePro- Silver Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $31.72

Kijun-Sen- $30.98

Silver is consolidating after hitting a multi-year high. It hit a low of $31.59 at the time of writing and is currently trading around $3172.

Most Fed members preferred to keep rates on hold until inflation cools down. Hawkish comments by Fed members Christoper Waller, Raphael Bostic Loretta Mester confirmed that the Fed will not cut rates until inflation reaches the Fed target of 2%. Silver prices are under pressure due to the strong dollar.

The renewed geopolitical tension between US and China and ongoing tensions in the  Middle East will support Silver at lower levels.

Gold-silver ratio-

Gold/Silver ratio- 76.07. The ratio decreased from 87.84 from 74.88, 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, 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 of $37.50.

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