Silver prices posted significant gains of 6% during Wednesday’s trading, reaching their highest levels in three weeks. The white metal is currently trading above the key level of $77.00 per ounce.

Scenario 1:

Silver is currently trading above the first resistance level at $76.53, if it manages to stay above this level, it could boost the positive momentum and push prices toward the next resistance level at $78.85.

Scenario 2:

If silver prices fall below the first resistance level at $76.53 then stabilize beneath it, they may test the pivot point at $74.12. It should be noted that if prices remain below the aforesaid pivot point, they could come under downward pressure toward the support levels of $71.20 then $68.70.

Top News:

Markets are awaiting the release of the Federal Open Market Committee minutes at 18:00 GMT, with particular attention focused on policymakers’ assessment of inflation risks and geopolitical developments.