Silver rose slightly in early trading on Wednesday as it gained positive momentum. The rally is underpinned by strong performance since the beginning of the week, as it has marched higher by 2.5% so far, after breaching the bearish trendline.

Scenario 1:

Currently, silver is trading above the daily pivot point at $36.80, looking forward to breaking the first resistance level at $37.50. It should be noted that if the price holds above the aforesaid level, it could help silver prices resume their uptrend towards second resistance level at $38.00.

Scenario 2:

If silver loses positive momentum, it may retest the daily pivot point at $36.80. It is worth noting that settling below the bullish trendline could pause the bullish momentum and dump prices near support levels of $36.40 then $36.00.

Top News:

Investors are awaiting the interest rate decision by the U.S. Federal Reserve at 17:00 GMT, where the prevailing expectations are to hold the interest rate at 4.5%.