Silver prices stabilized during today’s session, after consolidating gains for four consecutive sessions, maintaining their highest level in 14 years at $40.80 per ounce, as the price stabilized above the simple moving average 9 on the four-hour timeframe.

Scenario 1:

Silver is currently trading near the bullish channel’s upper line, eyeing stability above to resume rally towards the first daily resistance level at $41.20. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $41.50.

Scenario 2:

If silver fails to maintain its trading above the bullish channel’s upper line, it could retest the support level at $40.40, noting that a sustained move below it could push prices lower towards the key support level of $39.90.

Top News:

At 14:00 GMT, markets will be watching closely U.S. job openings data, which provides early signs about the labor market ahead of Friday’s non-farm payrolls report.