Silver posted a notable decline of 10% on Thursday after a strong rebound, as it failed to break above the key resistance level at $92 per ounce, prompting a fresh downside movement.

Scenario 1:

Silver is currently trading below the daily pivot point at $82.55, looking to stabilize beneath it to retest the first support level depicted at $75.66. It should be noted that if the price remains below this level, it may continue falling towards the second support level at $72.30.

Scenario 2:

If silver prices manage to reclaim the daily pivot point at $82.55, the price is likely to reduce its losses and rise towards resistance levels of $87.21 then $90.43.

Top News:

Investors are currently focusing on upcoming statements from members of the U.S. Federal Reserve, most notably Raphael Bostic, where his remarks could affect silver prices.

Markets are set to watch the U.S. jobless claims at 13:30 GMT, a key gauge of labor market health.