Silver is on track to extend its gains for a sixth consecutive session, rising 1.2% in early trading Wednesday to hit a three-week high of $51.89 per ounce.

Scenario 1:

Silver is currently trading near the bullish channel’s upper line, eyeing stability above to resume rally towards the first daily resistance level at $52.12. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $52.85.

Scenario 2:

If silver fails to maintain its trading above the bullish channel’s upper line, it could retest the daily pivot point at $51.00. A sustained move below it could push prices lower towards support levels of $50.12 then $49.48.

Top News:

Markets participants will focus on the U.S. House of Representatives vote on a deal to reopen the federal government, which could pave the way for clarity on economic data and the potential path for Federal Reserve rate cuts.