FxWirePro: Silver Daily outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $26.09

Kijun-Sen- $26.09

Silver has formed a double top around $26.65 and shown a minor weakness. The minor jump in US bond yield is putting pressure on this commodity.  . The US 10-year yield jumped more than 10% from a low of 1.53%. US personal income jumped to 21.1% compared to a forecast of 20.1%. The personal consumption expenditure rose 0.4% in Mar vs forecast of 0.3%. The US dollar index recovered sharply from a low of 90.41. Any bullish trend can happen only if it breaks 91.70. Silver was one of the worst performers in the past two months of this year and lost more than 20%. It hits an intraday low of $25.89 and is currently trading around $25.91.

Technically, silver's significant support is around $25.80 (100- 4H MA), violation below will drag the pair down to $25.60/$25.30/$25. Significant bearishness can be seen only if it breaks below $24.60.The near-term resistance is at $26.65 (Mar 18th high), any surge past targets of $27/$27.72 is possible.

Indicator (4-hour chart)

CAM indicator –Neutral

 Directional movement index – Bearish

It is good to sell on rallies around $26.15-20 with SL around $26.65 for TP of $25.