Silver rose today by 1.5% as it stabilized above the simple moving average 9 on the four-hour timeframe. The price is currently awaiting further positive momentum to resume its main upward trend in the near term.

Scenario 1:

Silver is currently trading near the bullish channel’s middle line, eyeing stability above to resume rally towards the first daily resistance level at $47.90. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $48.33.

Scenario 2:

If silver fails to surpass the bullish channel’s middle line, it could retest the daily pivot point at $40.70. It is worth noting that a sustained move below it could push prices lower towards the support levels of $46.15 then $45.58.

Top News:

At 12:15 GMT, markets will be paying close attention to U.S. ADP Nonfarm employment changes data for September, as analysts expect this data to have an impact on silver prices.