Silver prices posted slight losses of 0.5% during Wednesday’s trading session, following a rise of more than 7% in the previous session. The white metal is currently trading near the key level of $75.00 per ounce.

Scenario 1:

Silver is currently trading near the bearish channel’s upper line, if it manages to break through above it, this could boost positive momentum and push prices toward testing the next resistance levels at $76.87 then $78.92.

Scenario 2:

If silver prices fall below the daily pivot point at $72.20, this could open the door to further selling pressure, pushing prices down toward support levels at $69.34 then $67.29.

Top News:

Markets are closely watching a series of key U.S. economic releases due later today, with particular focus on the February retail sales, which could influence silver price movements.