Silver prices dropped 2.5% on Thursday’s session, trimming the previous session’s 2.4% advance, trading beneath the key level of $90 per ounce.

Scenario 1:

Silver is currently trading below the daily pivot point at $87.87, if it settles below, it may retest the first support level at $84.30. It should be noted that if the price remains below this level, it could come under downward pressure and extend its decline towards the second support level at $82.00.

Scenario 2:

If silver prices rise above the daily pivot point at $87.87, it is likely to continue its main upward trend, heading towards resistance levels at $91.56 then $94.00.

Top News:

Markets are set to watch the U.S. jobless claims at 13:30 GMT, a key gauge of labor market health.