Silver posted a slight increase in early trading on Wednesday as it gained some positive momentum, noting that the SMA 9 indicator is providing positive signals, as the price is moving above it on the 4-hour chart.

Scenario 1:

Currently, silver is trading above the daily pivot point at $33.40, looking forward to breaking the upper line of the bullish channel. It should be noted that if the price holds above the upper line, it could help silver prices resume their uptrend towards $34.90 then $35.20.

Scenario 2:

If silver fails to hold above the channel’s upper line, it may retest the first support level at $34.00. It is worth noting that settling below the aforesaid level could pause the bullish momentum and dump prices near $33.67.

Top News:

Investors are closely monitoring the U.S. ADP Nonfarm Employment data for May, due at 12:15 GMT, as they gather clues about the health of the labor market, ahead of Friday’s non-farm payrolls report.