Silver prices slipped 2% during Wednesday trading, heading for halting a three-session rally, and are currently trading near $88 per ounce.

Scenario 1:

Silver is currently trading near the daily pivot point at $87.17, where stability above it may help prices retest the first resistance level of $90.74. It should be noted that if the price remains above this level, it may push prices towards the second resistance level of $92.85.

Scenario 2:

If silver falls below the daily pivot point at $87.17, it is likely to start forming a downward corrective wave that could extend towards support levels of $83.85 then $81.66.

Top News:

The U.S. Bureau of Labor Statistics will publish the February Consumer Price Index data at 12:30 GMT. The report is expected to show a stabilization in annual inflation at 2.4%, which would still be above the Federal Reserve’s 2% target.