FxWirePro- Silver Daily Outlook

Silver pared some of its gains due to profit booking. It hit a high of $31.58 and is currently trading around $31.79.

Markets eye US Personal Consumption Expenditure(PCE) for further direction. According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Nov decreased to 49.2% from 50.4% a week ago.

Gold-silver ratio-

Gold/Silver ratio-82.09. The gold-silver ratio surged slightly from 82.09 to 84.16 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 -$32.75

It trades above 34, 55- EMA, and  200 EMA in the 4-hour chart. The near-term support is around $31.50 and a break below the target of  $31.25/$30.79/$30.40. On the higher side, immediate resistance is around $32.75 and any breach above targets is $35.

It is good to buy on dips around $31.70-74 with SL at around $31.20 and TP at $35.