Silver prices posted modest gains of 0.6% during Wednesday’s trading session, erasing some of the previous session’s losses by 1.8%. The white metal is currently looking to break above the key level of $80 per ounce.

Scenario 1:

Silver is currently trading near the daily pivot point at $80.40, where stability above it may retest the first resistance level at $82.00. It should be noted that if the price remains above this level, it may push prices towards the second resistance level at $83.31.

Scenario 2:

If silver prices fall below the daily pivot point at $80.40, the downward correction is likely to continue, potentially extending toward support levels of $77.93 then $76.84.

Top News:

Markets are awaiting today’s Fed interest rate decision at 18:00 GMT, followed by Jerome Powell’s press conference.

Investors are also set to closely watch U.S. Producer Price Index data, with annual inflation expected to tick up to 3.0% from 2.9% in January.