Silver prices posted significant gains of more than 6% on Wednesday after breaking through the key level of $77 per ounce, they are currently trading near a two-week high of $77.40.

Scenario 1:

Silver is currently trading above the daily pivot point at $76.61, if it manages to stay above this level, it could continue to rise toward resistance levels at $77.51 then $78.90.

Scenario 2:

If silver prices fall below the daily pivot point of $76.61, they may test the first support level at $75.51. It should be noted that if prices remain below this level, they could move toward the next support level at $74.69.

Top News:

Markets are awaiting the release of U.S. ADP Nonfarm Employment Change for April, a key gauge of the pace of job creation in the private sector that often offers early signals on labor market strength ahead of official government data.

Investors watch the report closely for insights into employment trends and overall economic momentum. A stronger-than-expected reading could reinforce expectations of a resilient U.S. economy and sustained activity, while a weaker outcome may have the opposite effect.