Silver experienced a slight increase in early trading on Wednesday after posting a notable rise of 2.2% in the previous session. The SMA 9 indicator is providing positive signals, as the price is moving above it on the 4-hour chart.

Scenario 1:

In the meantime, silver is trading above the breached bearish trendline, where a sustained move above it would help prices achieve further gains toward resistance levels of $33.50 then $34.00.

Scenario 2:

If silver fails to hold above the breached trendline, it may retest the daily pivot point at $32.50. It is worth noting that settling below the aforesaid level could pause the bullish momentum and dump prices near support levels $31.80 then $31.20.

A weakening U.S. dollar has contributed to the silver’s soar, as the green currency hit a two-week low amid uncertainty over fiscal plans in the United States, as President Donald Trump failed to convince Republicans who are opposing Trump’s sweeping tax bill.