Silver marched higher this morning, underpinned by the Bollinger Bands indicator, which is providing positive signals as the price is moving above its middle line. Meanwhile, the price is trading near the upper band of the indicator, aiming to stabilize above it to resume its upward direction.

Scenario 1:

In the meantime, silver is trading above the daily pivot point at $33.50; a sustained move above it will help prices to achieve further gains toward resistance levels of $34.00 and then $34.35.

Scenario 2:

If silver fails to hold above the daily pivot point at $33.50, it may retest the first support level at $33.20. It is worth noting that settling below the aforesaid level could pause the bullish momentum and dump prices near $32.60.

Top News:

Investors are awaiting the U.S. durable goods orders at 1:00 PM GMT, which is expected to retreat to -1.1% from 3.1% in the last reading. A lower-than-expected result could raise concerns about U.S. market prices, putting pressure on the dollar and benefiting gold prices.