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FxWirePro: Silver Daily outlook
Ichimoku analysis (4-hour chart)
Silver is trading higher and surged more than 1% from yesterday's close. The weakness in the US dollar and bond yield due to dovish FOMC minutes is supporting Silver prices. The US 10-year yield declined more than 2% and the major sell-off it fit breaks 1.589% (Mar 25th, 2021 low). US dollar index trades softer and major weakness if it breaks below 91.80. The number of people filed for unemployment benefits rose 744K last week compared to a forecast of 682K. It hits an intraday high of $25.616 and is currently trading around $25.535.
Technically, silver's significant support is around $24.95, violation below will drag the pair down to $24.60/$24/$23.80/$23.20. Significant bearishness can be seen only if it breaks below $23.20.The near-term resistance is at $25.72 (55- day EMA), any surge past targets of $26/$26.65/$27 is possible.
Indicator (4 Hour chart)
CAM indicator –Slightly bullish
Directional movement index – Bearish
It is good to buy on dips around $25.25-30 with SL around $24.80 for TP of $27.