Silver rose in early trading on Wednesday as it held above the simple moving average 9 on the four-hour timeframe, noting that the white metal is awaiting further positive momentum to resume its main upward march in the near term.

Scenario 1:

Silver is currently trading above the daily pivot point at $37.70, looking to maintain its trading above it to break through the first resistance level at $38.00. It is worth noting that if the price remains above the aforesaid level, it could rise towards the second resistance level at $38.30.

Scenario 2:

If silver fails to maintain its trading above the pivot point at $37.70 and then settles below it, this could expose the white metal to a downward pressure, prompting a fall to support levels at $37.50 then $37.10.

Top News:

There is no important economic news today, but investors will look for clues about the Fed’s policy outlook when several FOMC members deliver speeches later in the day.