Silver rebounded in early trading on Wednesday as it gained some positive momentum, noting that 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 $33.20, where a sustained move above it would help prices achieve further gains toward 33.60, noting that this level represents a strong point as it coincides with the bearish trendline. A break above it will support the continuation of the key uptrend towards $34.00.

Scenario 2:

If silver fails to hold above the daily pivot point at $33.20, it may retest the first support level at $32.80. It is worth noting that settling below the aforesaid level could pause the bullish momentum and dump prices near $32.40.

Top News:

The minutes from the Federal Open Market Committee (FOMC) meeting could provide insights about directions among U.S. policymakers.