Silver posted a notable increase in today’s trading after finding a strong support level at $33.50. The SMA 9 indicator is providing positive signals, as the price is moving above it on the 4-hour chart.

Scenario 1:

In the meantime, silver is trading above the daily pivot point at $33.80, where a sustained move above it would help prices achieve further gains toward resistance levels of $34.10 and then $34.55.

Scenario 2:

If silver fails to hold above the daily pivot point at $33.80, it may retest the first support level at $33.40. It is worth noting that settling below the aforesaid level could pause the bullish momentum and dump prices near $33.00.

Top News:

As of 8:00 PM GMT, markets will closely watch U.S. President Donald Trump’s announcement of new U.S. tariffs, which could spark the beginning of a new global trade war. On the economic data front, the U.S. will publish reports on private employment and factory orders.