Silver resumed its upward trend on Wednesday, as it opened on a noticeable rise, supported by SMA 9 that provided positive signals as the price is moving above it on the 4 -hour chart. Meanwhile, silver is moving within a bullish channel, suggesting that prices could extend their gains.

Scenario 1:

Silver is currently trading above the daily pivot point at $32.60, awaiting further positive momentum to resume its key bullish trend towards $33.20. If the price manages to stay above this level, it may soar towards $33.45, which, if breached, would pave the way for reaching the upper line of the bullish channel near $34.

Scenario 2:

If silver fails to hold above the key resistance level at $33.45, it will lose its positive momentum and may retest the daily pivot point at $32.60. It is worth noting that settling below the aforesaid pivot point could drive prices south, heading for daily support levels at $32.35 then $31.80.