Silver prices soared 3% during Wednesday trading, erasing some of the previous session’s 4% losses.

Scenario 1:

Silver is currently trading near the daily pivot point at $76.16, looking to break above to retest the first resistance level of $79.40. It should be noted that stability above this level could help silver reclaim its upward trend, heading towards the second resistance level of $82.93.

Scenario 2:

If silver prices fail to break through the daily pivot point at $76.16, the downward correction is likely to continue, potentially extending towards support levels of $71.51 then $68.12.

Top News:

Markets are set to watch the FOMC meeting minutes at 19:00 GMT, which may help clarify the Fed’s monetary policy path. Notably, two Fed governors, Stephen Miran and Christopher Waller, dissented from the Fed’s decision to hold rates and push pause of a series of borrowing cost cuts dating back to the middle of last year.