FxWirePro: Silver Intraday Idea 

Ichimoku analysis (1-Hour chart)

Tenken-Sen- $27.58

Kijun-Sen- $27.65

Silver continues to trade weak for the past one week after forming a minor top around $28.75. The minor pullback in the US dollar index ahead of PCE is putting pressure on the commodity at higher levels. The budget proposal of $6 trillion by Biden is boosting US dollar and bond yields.   US core PCE surged to 3.1% y/y vs forecast of 2.9%. The monthly core Personal consumption came at 0.7% slightly above the estimate of 0.6%. The US dollar index breaks near-term resistance at 90.30, a jump till 91 is possible. The US 10- year yield jumped nearly 1% after data. XAGUS hits an intraday low of $27.40 and is currently trading around $27.65.

Technically, silver's significant support is around $27.40, violation below will drag the pair down to $27/$26.57/$26. Significant bearishness can be seen only if it breaks below $24.90.The near-term resistance is at $28, any surge past targets of $28.75 (the previous week high)/$29.20/$29.70/$30.10 is possible.

Indicator (1-hour chart)
 
CAM indicator –Bearish 

 Directional movement index – Bearish 

It is good to buy on dips around $27.50 with SL around $27 for TP of $30.