Silver prices rose 1.5% during Wednesday’s trading, after posting losses of 0.6% in the previous session. The white metal is currently trading near its one-week high of $67.00 per ounce.

Scenario 1:

Silver is currently trading above the daily pivot point of $66.32. If it manages to stay above this level, the rally could extend toward the next resistance levels at $67.47 then $68.31.

Scenario 2:

If silver prices fall below the daily pivot point of $66.32, they may test the first support level at $65.13. It should be noted that if the price remains below this level, it could put pressure on silver to move toward the next support level at $64.33.

Top News:

There is no key economic news today, as market attention is primarily focused on the rapidly unfolding developments in the Middle East and their potential implications for financial markets.