Silver hit a rise today as it stabilized above the simple moving average 9 on the four-hour timeframe. The price is currently awaiting further positive momentum to resume its main upward trend in the near term.

Scenario 1:

Silver is currently trading above the daily pivot point at $41.00, eyeing stability above to resume rally towards the first daily resistance level at $41.30. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $41.75.

Scenario 2:

If silver fails to maintain its trading above the daily pivot point at $41.00, it could retest the support level at $40.60, noting that a sustained move below it could push prices lower towards the second support level of $40.35.

Top News:

At 13:30 GMT, markets will be paying close attention to U.S. producer prices inflation data for August, as analysts expect this data to have an impact on silver prices.