Ultima Markets[Market Analysis] Industrial Recovery Silver is Long Term bullish, Gold to Silver Ratio...

todayUltimaMarkets Bringing you 2024year 4month 3Japanese silverIn depth analysis.

Fundamental points

• Rising demand for silver industryBoth the upcoming interest rate cut cycle and the current overall recovery of industrial output suggest that long-term silver demand is recovering. Especially with the development of the photovoltaic industry, silver is mainly used in the photovoltaic field for battery silver paste. Expected to arrive2025The global demand for photovoltaic silver paste is expected to reach6732.3Tons, this growth trend may further drive up silver prices.
• Gold to silver ratio drives mean regressionCompared to yellow metal, this gray metal is still underestimated in history. Recently, the gold and silver ratio has arrived90Nearby, while the previousgoldDuring the historical peak period, the average is60.09. This means that there is still a strong demand for a price increase in silver.
  

technical analysis

Daily chart analysis

(Silver daily chart, sourceUltima Markets MT4）

• Random oscillation indexYesterday's rapid increase in indicators indicates a strong bullish trend. Short term trading sentiment is mainly bullish, and investors need to pay attention to the long positions that may occur after a retracement.
• Downward trend lineAfter breaking through the downward trend line strongly yesterday, silver indicates that the upper space has completely opened up. The silver price may follow the upward trend of gold price, but there is a certain probability that the price will first decline.
  

4Hour chart analysis

(Silver)4Hour chart, sourceUltima Markets MT4）

• Random oscillation index:Yesterday, the index further rose in the overbought area and has approached its limit value100The bulls are too crowded, and there is a demand for a short-term correction in silver prices.
• Elliott Wave Theory The upward trend of silver is relatively clear, showing an overall trend5The driving wave structure of wave rise is currently in a wave state5Middle, connecting waves2And waves4The formed upward channel line is a potential wave5End point price.
  

Trading CentralHub Line Indicators

(Silver daily chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day24.40，
• 24.40Upward bullish, first goal27.00Second objective28.70
• 24.40Under bearish, first target23.20Second objective22.40
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.UltimaMarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.